Tuesday, 21st October 2014
Shirajiv Sirimane (shirajivs@gmail.com)
Ceylon Biscuits Bangladesh (Pvt.) Ltd (Munchee) has invested over US $ 3 million to open their first overseas factory in Bangladesh situated 35 km out of Dhaka City in the Gazipur District Sreepur Mauna.
This is also the first confectionery plant owned by a Sri Lankan company overseas. CBBPL Managing Director Sriyan De Alwis said they will further invest around US$ 10 million in the next two years to build two addition factories. “We are first looking at the Bangladesh market since their per capita consumption of biscuits are very low and then export to both Nepal and Bhutan which are landlocked countries.” He said they had been exporting large volumes to Bangladesh but found that it was cheaper to manufacture in Bangladesh due to the high duty component imposed for confectionery imports.
He disclosed that since Bangladesh is a developing country they receive tremendous concessions for exports and we also hope to exploit this to manufacture and export to Europe and the Gulf.
The company will expand its portfolio of products once it has further identified the consumer needs in Bangladesh.
“Initially we will be manufacturing chocolate coated biscuits including chocolate wafers which is a relatively new product to Bangladesh.”
The company plans to extend its investment in expanding into a state of the art factory with modern technology and machinery to provide the Bangladeshi consumer the same quality and good taste of CBL Munchee enjoyed the world over.
“The initial response has been very encouraging whereby consumers have acknowledged and accepted the good taste as superior. The company is in compliance of all the industrial needs in Bangladesh and will work towards improving the quality and standards of confectionary products available in Bangladesh.”
He said entering Bangladesh was easy as the investment climate was very friendly. The company will also look at diversifying to the agriculture sector.
From : http://www.dailynews.lk/?q=business/munchee-opens-us-3m-bangladesh-plant
