RFL Group, Bangladesh's leading business conglomerate, has signed an agreement with China's Haitian Group to boost household goods exports.

The agreement was signed to facilitate import of advanced machinery from China, said a press release.

RN Paul, managing director of RFL Group, and Xiang Linfa, vice-president of Haitian Group, signed the agreement on behalf of their respective organisations at a hotel in the capital on Sunday.

RFL is set to invest approximately Tk200 crore to expand its plastic household goods in the global market and enhance export opportunities, it added.

The investment will be allocated for purchasing machineries and construction of factory buildings. This funding will come from both RFL's own resources and bank loans.

Toukirul Islam, deputy managing director of Durable Plastic Limited, Prodip Kumar Poddar, deputy managing director of Rangpur Metal Industries Limited and Li Hufeng, general manager (sales) of Haitian Group, were present at the ceremony.

RN Paul said the current investment climate in Bangladesh faces various challenges, leading to a slowdown in private sector investments. Despite these adversities, RFL has taken the initiative to establish a new factory, sending a positive signal for the country's economy.

This project will be implemented quickly and will make a significant contribution to the country's export sector, he added.

He further mentioned that production activities are scheduled to commence by May this year, creating employment opportunities for approximately 2,500 people. This investment is expected to drive RFL's annual export growth by around 30%.

Xiang Linfa said, “Haitian is honored to be a part of PRAN- RFL’s journey and to contribute to your continued success.”

Currently, RFL's products are being regularly exported to 80 countries. The establishment of this new export-oriented factory will further expand RFL’s global reach and play a crucial role in strengthening foreign currency reserves, the statement added.

Haitian Group is one of the world's leading manufacturers of plastic machinery. The group began its journey in 1966 with the aim of manufacturing industrial machinery.