DAKA, Bangladesh - Bangladesh is going to manufacture world-standard bicycle for export to Europe and elsewhere in the western world.
A memorandum of understanding (MoU) was signed in Siauliai, Republic of Lithuania, concerning setting up a bicycle plant in Bangladesh.
Chairman of Schminke International GmbH of Germany Michael Schminke and Managing Director of PowerTrade Engineering Ltd of Bangladesh SM Fakhar-uz-Zaman signed the MoU on behalf of their respective companies.
Sources close to PowerTrade said this bicycle plant is going to be established in Bangladesh within the next nine months. German technologists and experts will set up the plant.
The managing director of PowerTrade Engineering Limited said German bicycle technology has a special reputation and wide market all over the world. Initially 500,000 bicycles a year will be produced and 1,500 people will be working in this plant, he added.
Zaman also said the structural and primary ground work of this project has already been started and a delegation of specialists will come to Bangladesh very soon to find different aspects of this project.
This will be a completely export-oriented bicycle plant and first of its kind in Bangladesh, he added.