The country has potentials to fetch over $1 billion from exports of Made in Bangladesh tagged electronics appliances and spare parts by the year 2028.
Experts opine, there is huge market for Bangladeshi products around the world and the country has the ability to lead the global electronics market in the future taking advantage from the worsening US-China trade relations.
Many global brands who are selling products in the United States and other countries source the appliances from China. But recent trade tensions between US and China leads those brands to seek new business partners from other Asian countries. And Bangladesh has the ability to grab that opportunity, they added.
The local electronics manufacturers can avail of this opportunity, they expected. Meanwhile, the local electronic giant and the lone exporting company Walton has emphasized on expanding its business in international market targeting to earn one billion US dollars from exports.
To achieve the target, the company has strengthened its international business wing recruiting worldwide business experts and opening offices in various countries. Besides, it has set up global R&D and design centers for developing innovative designs of quality products and participating in international trade fairs, a company statement said. Sources said, more business partners from different countries are visiting Walton’s gigantic production plant at Chandra in Gazipur. They showed their interest to set long-term business relationship with Walton and the Bangladeshi vertically integrated manufacturer has huge potentials to partner them observing the company’s production units of manufacturing compressors, refrigerators, air conditioners and other technology products.
Walton already took part in Canton Fair in China, Logos Fair in Nigeria, Electronic Fair in UAE and Kenya (KITE); and most recently Chillventa Exhibition in Germany. It is now planning to attend world’s popular consumer electronics festivals including IFA fair in Berlin and CES in Las Vegas.
Walton is also setting up global R&D centers and branch offices in many countries including Germany, United Kingdom, China, UAE, Taiwan and Thailand along with recruiting global talents.
Edward Kim, President of Walton’s International Business Unit (IBU) said, Walton undoubtedly is the top brand in Bangladeshi electronics market but it’s time for us to go global. Our initial target is to earn 100 million dollars exporting electronics and electrical goods and parts by 2022 and 1 billion dollars within 2028.
Meanwhile, Uday Hakim, Deputy Executive Director of Walton, said, Bangladesh’s exports is highly depend on garments, leather and jute goods. But we have huge scope of accelerating the earnings by exporting electronics and technology products and parts.