Chinese glass giant keen to invest $200m in Bangladesh
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
June 27, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, JUNE 27, 2022
Chinese glass giant keen to invest $200m in Bangladesh

Economy

Abul Kashem
07 March, 2022, 12:00 pm
Last modified: 07 March, 2022, 05:12 pm

Related News

  • BCCCI, Bida join hands to promote Chinese investments in Bangladesh
  • PHP set to mass produce soundproof glass this year
  • PHP steps in to meet demand for coloured glass
  • The big leap towards self-reliance
  • Raw material price hike sends glass prices soaring 40%

Chinese glass giant keen to invest $200m in Bangladesh

The glass manufacturer has sought 65 acres of land close to a port or seashore

Abul Kashem
07 March, 2022, 12:00 pm
Last modified: 07 March, 2022, 05:12 pm

Xinyi Glass Holdings Limited – one of the world's leading integrated glass manufacturers and also the sixth largest industrial group in China – has shown interest in investing $200 million in Bangladesh, according to the Bangladesh envoy in China.

Xinyi's Head of International Business Development Cheng Gang came up with the investment proposal at a recent meeting with Bangladesh Ambassador to China Mahbub Uz Zaman. The glass manufacturer has sought 65 acres of land close to a port or seashore for its proposed plant with an annual capacity of 38,000 tonnes of floating glass.

The investment would generate $95 million annual revenue, and create 400 jobs for the locals, according to a letter the ambassador sent to Foreign Minister AK Abdul Momen.

Ambassador Mahbub Uz Zaman wrote that the glass-maker's land and other requirements match facilities that the Bangabandhu Sheikh Mujib Shilpa Nagar offers.

He noted that Xinyi is the largest supplier of float glass in the global industry with a total market capital of $10 billion and over $1.8 billion annual revenue.

Xinyi Glass Holdings eyes plant in Bangladesh

The foreign ministry forwarded the investment queries to the commerce ministry, the Bangladesh Investment Development Authority (Bida) and the Bangladesh Export Processing Zone Authority (Bepza).

Md Sirazul Islam, executive chairman of Bida, told The Business Standard that he received Xinyi's investment proposal and queries and discussed the matter with the executive chairmen of Bepza and Bangladesh Economic Zones Authority (Beza).

He said, "Regarding Xinyi's demand, the Bepza chairman said the plots in the EPZ in Mirsharai are small, so they will work on combining several plots to allocate land for the company.

"Beza has a large area of land in Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsharai. Besides, there is a vast area of land in Matarbari. It is possible to allocate land there according to the company's demand," said the Bida chief executive.

The Chinese firm submitted a written questionnaire to the Bangladesh embassy, inquiring about the investment facilities. Xinyi also inquired about the preferential policies Bangladesh offers to foreign direct investment.

Established in 1988, Xinyi Group has been running 12 large manufacturing bases in different domestic economic zones in China, according to the Bangladesh Embassy in China. The group has invested $500 million in Malaysia so far.

On infrastructural requirements to set up a factory in Bangladesh, the company said it will require 150 million cubic metres of natural gas per year. It will also require 20-25 MW dual power circles – one regular, one redundant for back-up – and 1.2 million tonnes of water per year.

Referring to silica sand as the main raw material for glass-making, the company said it will require around 0.5 million tonnes of silica sand per year and asked whether Bangladesh has such a quarry. 

"The general manager of the group told me that their products are serving customers and partners in over 150 countries and regions in the world," the ambassador wrote to the foreign ministry.

Local glass-makers faring well

Being totally import-dependent once, Bangladesh is now exporting glass. Local glass-makers are supplying float glasses to local constructions.

According to the Export Promotion Bureau, $3.5 million worth of glass and glassware were exported in FY20 against the target of $2 million, which is 144.76% up compared to the year before.

The glass industry in the country is growing by 8-10% every year, mainly due to the increase in commercial building projects, with local companies meeting 90% of the domestic demand, industry players say.

The annual demand for glass is 25 crore square feet, and the annual production capacity of private and public glass manufacturers is 32 crore square feet.

The current size of the glass industry is around Tk1,500-2,000 crore.

PHP Family and Nasir Group invested in float glass used in commercial buildings in 2005 and 2006 respectively. They dominate the glass market, meeting about 70% of the total demand, while other companies hold the remaining 30% share combined.

Vice-Chairman of PHP Family Mohammed Mohsin told The Business Standard the demand for glass was increasing gradually due to the rise in infrastructure development.

He said demand had grown significantly in the past few years and that is why they were bringing new products to the market.

"This sector has potential, but there has been no development for a long time. It will continue to grow in the future," added Mohsin.

The top companies in the glass industry are PHP Float Glass Industries, Nasir Glass Industries, MEB Sheet Glass Industries, AB Glass Industries and state-owned Usmania Glass Sheet Factory. Among them, Usmania and MEB are relatively old.

Infograph / Top News

Glass industry / Glass maker / Xinyi Glass Holdings Limited / Chinese investment / Chinese Investors

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Pixabay
    Health ministry proposes Tk5,000 fine for using e-cigarettes
  • Photo: Moinuddin Sumon
    Mawa water transport workers, owners fret over future after Padma Bridge opening 
  • Inflation drains Tk50,000cr from bank savings
    Inflation drains Tk50,000cr from bank savings

MOST VIEWED

  • 20 businesses get nod for $326m foreign loan for expansion
    20 businesses get nod for $326m foreign loan for expansion
  • Photo: Noor-A-Alam
    Dollar crisis intensifies LC payment pressure as taka weakens
  • Infograph of Foreign Portfolio Investment 2022 - The Business Standard
    As Taka weakens, foreign investors take away Tk6,000cr from stocks
  • Foreign aid crosses record $8 billion in May
    Foreign aid crosses record $8 billion in May
  • Inflation hits 8-year high in May
    Inflation hits 8-year high in May
  • Russia offers wheat, fertiliser import seems easing
    Russia offers wheat, fertiliser import seems easing

Related News

  • BCCCI, Bida join hands to promote Chinese investments in Bangladesh
  • PHP set to mass produce soundproof glass this year
  • PHP steps in to meet demand for coloured glass
  • The big leap towards self-reliance
  • Raw material price hike sends glass prices soaring 40%

Features

Redmi 10C- Best Budget smartphone with one (big) compromise

Redmi 10C- Best Budget smartphone with one (big) compromise

4h | Brands
Photo caption: Bondstein Technologies founders Mir Shahrukh Islam (left) and Zafir Shafiee Chowdhury. Photo: Noor-A-Alam

Bondstein Technologies: From Dhaka College science club to Forbes 30 under 30 list

4h | Panorama
Photo: Collected

Samsung Dryer: Taking clean clothes to a new level

6h | Brands
Transparent sticky notes. Photo: Collected

A new layer to annotations with transparent sticky notes

6h | Brands

More Videos from TBS

Photo: TBS

The snakes of Chattogram University

1h | Videos
How to treat interns at workplace

How to treat interns at workplace

5h | Videos
Jalamije becomes Georgian citizen to play Wimbledon

Jalamije becomes Georgian citizen to play Wimbledon

19h | Videos
Sievierodonetsk falls to Russia

Sievierodonetsk falls to Russia

23h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Photo: Prime Minister's Office
Bangladesh

New investment in transports as Padma Bridge set to open

3
Japan cancels financing Matarbari coal project phase 2
Bangladesh

Japan cancels financing Matarbari coal project phase 2

4
Desco wanted to make a bold statement with their new head office building, a physical entity that would be a corporate icon. Photo: Courtesy
Habitat

Desco head office: When commitment to community and environment inspires architecture

5
Photo: TBS
Infrastructure

Gains from Padma Bridge to cross $10b, hope experts

6
20 businesses get nod for $326m foreign loan for expansion
Economy

20 businesses get nod for $326m foreign loan for expansion

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Vehicles ply the Padma Bridge on Sunday marking the beginning of a new era for the country’s southern region. The bridge was inaugurated on 25 June amid much fanfare. PHOTO: MUMIT M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net