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Dhaka, Bangladesh, October 23, 2008
—IFC, a member of the World Bank Group, has facilitated a partnership between Singer and Al Amin Enterprise that will generate employment in Bangladesh’s light engineering sector. The two companies recently signed an agreement for producing 20,000 electric fans to be supplied by Al Amin.
Singer is a well-reputed, multinational organization that produces and markets electrical goods and appliances. One of its leading products is electric ceiling fans, which are imported from China. Al Amin Enterprise is a manufacturer and marketer of electric fans in Bangladesh. Like many local small and medium enterprises, the company has the potential to grow and compete with other companies that import goods, given the proper guidance and opportunity.
This partnership is expected to help create jobs locally and increase income for Al Amin, and it also sets a precedent for other linkages in Bangladesh’s light engineering sector. In the long run, the partnership may help foster the development of local manufacturing companies to compete globally.
Deepak Adhikary, Deputy General Manager and Head of IFC Advisory Services in Bangladesh, Bhutan, and Nepal, said, “In countries like Bangladesh, small and medium enterprises are left to their own fate. Linking them to larger firms helps improve local supply chains and gives them a chance to reach larger markets.”
This initiative, led by IFC Advisory Services in South Asia, is part of IFC’s strategy to promote and develop Bangladesh’s light engineering sector. As part of a broader effort, IFC is partnering with the Bangladesh Electrical Merchandise Manufacturer’s Association to facilitate business linkages between large multinationals and small manufacturers. Such linkages are critical for local economic development and the growth of small businesses, and they also allow for a much needed transfer of knowledge and expertise and market access.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
IFC Advisory Services in South Asia, in partnership with the governments of the Netherlands and Norway, the European Commission, DFID (United Kingdom), CIDA (Canada), and the Asian Development Bank, works to increase access to finance and quality business development services in Bangladesh, Bhutan, northeast India, Maldives, Nepal, and Sri Lanka. IFC also works to create a business enabling environment and support value addition to firms through sector development, advisory services, capacity-building programs, training, and research.
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