Norwegian paint-giant Jotun starts operations in Bangladesh
BI Report || BusinessInsider
Jotun at a glance BI Illustration
Jotun, a Norway-based manufacturer of paint, coatings and powder coatings, has started setting up a plant in privately-owned Meghna Industrial Economic Zone with an investment of $5 million.
Paban Chowdhury, executive chairman of Bangladesh Economic Zones Authority (BEZA), and Espen Rikter-Svendsen, ambassador of Norway in Bangladesh, inaugurated the ground-breaking ceremony of the factory at MIEZ on Monday.
Mostofa Kamal, chairman and managing director of Meghna Group of Industries, was present.
The Norwegian company will invest more in the plant in phases, official concerned told the Business Insider Bangladesh.
Jotun is the world’s 9th largest paint maker that had total operating revenue of 19.6 billion Norwegian Krone, equivalent to over $2.286 billion.
“It is a good sign that foreign investments are coming into Bangladesh even in the coronavirus pandemic,” Paban Chowdhury said.
MIEZ has so far got nine foreign investors at its zone.