Golden Son Ltd (GSL), a 100% export-oriented joint venture of Bangladesh and Taiwan, is set to produce household electronic appliances for the local market within two years.
For the purpose, the company acquires 1.65 lakh square feet of land adjacent to its factory located on the bank of Karnaphuli River in Chittagong.
“We are set to put foot in the local market by 2015,” Belal Ahmed, managing director of GSL, told the Dhaka Tribune at the factory premises.
The company wants to grab share of home appliances market, as Bangladesh economy is growing with rising purchasing capacity of the people, he said.
All kinds of household items like fan, rice cooker, air cooler, refrigerator, blender and many other items with better quality but in competitive prices will be produced for selling in the local market, he said.
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 like fans and fan accessories, garment accessories, household items, solar items, screw items, water pumps, sports and baby toys and exports all of its products to the East and in parts of Europe.
The company is also eyeing to foray into the US market. “We have already sent product samples to the USA for getting clearance certificate. The production will be increased ten times from existing capacity, if approved,” said Ahmed.
The GSL Export Ltd, a subsidiary of GSL, has already set up a toy-manufacturing factory in its premises will go for production by June this year.
The company has signed a memorandum of understanding with Stephen Christenson, a German industrialist and businessman, to produce toys for exporting all over the world. Under the agreement, Christenson owns 50%, Golden Son 40%, and Belal Ahmed 10% stakes in GSL Export Ltd.
“I formed the GSL Export Ltd a long time ago, to explore a new business, but political uncertainty delayed the overall process,” he said. 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 in the manufacturing, importing and exporting of a variety of products.
