The GSL Export Ltd, a subsidiary of the listed company, Golden Son Ltd (GSL), will set up a toy-manufacturing factory in its premises in Chittagong.
The Bangladesh-Taiwan joint venture company has signed a memorandum of understanding with Stephen Christenson, a German industrialist and businessman, to commence production by April next year. The produce will be exported all over the world.
Under the agreement, Christenson will own 50%, Golden Son will own 40%, and Belal Ahmed will own10% stakes in GSL Export Ltd.
GSL Export has hired a floor space of more than4,500 square metres from Golden Son to set up the factory.
“I formed the GSL Export Ltd a long time ago, to explore a new business, but political uncertainty delayed the overall process,” Belal Ahmed, managing director of GSL, told the Dhaka Tribune.
However, it came true after Stephen decided to shift his business to Bangladesh due to recent increases in labour and production costs in Latvia and China, he said.
Presently, Stephen has business and factories of similar product lines in Germany, Latvia and China,among which, the factory in Latvia has been in operation for the last 103 years.
GSL is one of Bangladesh’s largest public companies involved with the manufacturing, importing and exporting of a variety of products.
Since its inception in 2003, GSL has embarked on a joint venture with Taiwan’s finest engineers and Bangladesh’s industrial experts to provide the highest quality products and services at competitive prices.
Currently, GSL makes an array of products: CPU casing, LED light, aerosols, household items, perfumes, body sprays, air-fresheners, garment accessories, sporting toys, fans, fan accessories, and garment accessories.