Korean company seeks to form joint venture in Bangladesh

A Korean company wants to establish a joint venture company in Bangladesh to produce toiletries and cosmetics items including perfumes and hand sanitizers.

It also wants to export its 'cosmetics and hand sanitizers' to Bangladesh.

The company recently expressed its interest to the Bangladesh mission in Seoul, South Korea.

The mission has conveyed the proposal to the health ministry to take necessary steps in this regard.

According to the mission letter, the Korean company would like to do joint venture production and is looking for business opportunities in Bangladesh.

It also wants to introduce its finished goods, raw materials and manufacturing system, the letter added.

In the proposal, ACEPHARM has mentioned that under the trade name 'Ace Pharmaceutical', the organisation has been manufacturing cosmetics with plenty of professional experiences for 27 years.

It possesses a professional laboratory and many researchers have performed research to produce much better qualitative products, the letter mentioned.

Also, the company is focusing on effective manufacturing with new technology, new experimental instruments, and a new laboratory environment to reduce technical defects and poor quality of its products.

The proposal mentioned it is a traditional pharmaceutical that started producing hand sanitizers even before Covid-19 pandemic.

It can provide competitive products because of its plenty of manufacturing experiences, resources, and professional R&D (research and development), according to the letter.

It claimed the brand VIN is being developed based on plenty of data resources from its customers and experiences, read the letter.

The VIN brand has been in large distribution channels, so its perfume products are popular.

It has its own technology, has been doing research, and has been certified not only from South Korea cosmetic market but also Chinese cosmetic market, adds also the mission letter.

Besides, the researchers of the organisation have performed R&D to manufacture skin care, whitening and anti-wrinkle care products with stem cell technology such as feminine cleanser, masculine cleanser and perfume.

Currently, the annual domestic market of cosmetics and toiletries items is around Tk 110 billion. The local producers are undergoing hard times due to huge challenges including huge amounts of imported products, sector insiders said.

Local Square, ACI, Keya, Kohinoor, Lalbagh Chemical, Unilever Bangladesh, Marico, Kumarika, Cute, Lily cosmetics etc. have been producing world class toiletries and cosmetics in the country for a long time, they added.