Fair Technology to produce Hyundai cars in Bangladesh

Fair Technology Limited, the distributor of Hyundai Motors in Bangladesh, will manufacture cars of the South Korean brand here.

It signed a deal with Bangladesh Hi-Tech Park Authority for a six-acre of piece of land at Bangabandhu Hi-Tech City in Gazipur’s Kaliakair to produce cars of the South Korean brand on Tuesday.

Fair Technology initially plans to assemble popular models of Hyundai sedans, SUVs and MPVs at the plant and then launch full-scale production.

It hopes to supply the cars assembled in Bangladesh by June 2022.

Hosne Ara Begum, managing director of the Hi-Tech Park Authority, and Fair Technology MD Ruhul Alam Al Mahbub signed the deal at a Dhaka hotel.

Zunaid Ahmed Palak, state minister for ICT, described the development as a “milestone”.

It will brighten Bangladesh’s image in the international arena and contribute significantly to the economy, he said.

The plant will have an initial investment of $100 million, but its scopes will increase in future and it will be possible to export cars made in Bangladesh after 2025, the state minister hopes.

By using Hyundai’s technology and skills, Fair Technology MD Mahbub said, the firm will ensure supply of world-class cars to Bangladeshi consumers at affordable prices.

Hosne Ara said she hopes the deal with Fair Technology will encourage foreign investors to invest in Bangladesh.

Mesbah Uddin, chief marketing officer of Fair Group, said they hope to begin trial production by the end of 2021.

Initially, the company will collect three-stage painting, tyre and equipment from the local market and begin the work with 500 skilled engineers.

Fair Group has been producing Samsung smartphones and consumer electronics products in Bangladesh. It also has retail, enterprise, after-sale services and franchise-based businesses.