Korean company seeks joint venture in Bangladesh

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| Update:
03 April 2022 15:16:36


A Korean company wants to set up a joint venture in Bangladesh to produce toiletries and cosmetics, including perfumes and hand sanitizers.

He also wants to export his “cosmetics and hand sanitizers” to Bangladesh.

The company recently expressed interest in the Bangladesh Mission in Seoul, South Korea.

The mission transmitted the proposal to the Ministry of Health to take the necessary measures in this regard.

According to the engagement letter, the Korean company wants to establish a production joint venture and is looking for business opportunities in Bangladesh.

It also wants to showcase its finished products, raw materials and manufacturing system, the letter adds.

In the proposal, ACEPHARM mentioned that under the trade name “Ace Pharmaceutical”, the organization has been manufacturing cosmetics with extensive professional experience for 27 years.

It has a professional laboratory and many researchers have done research to produce much better quality products, the letter mentions.

In addition, the company focuses on efficient manufacturing with new technologies, new experimental instruments and a new laboratory environment to reduce technical defects and poor quality of its products.

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

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

He claimed that the VIN brand is being developed based on many data resources from his customers and his experiences, read the letter.

The VIN brand is present in major distribution channels, so its perfumery products are popular.

It has its own technology, has done research and has been certified not only in the South Korean cosmetic market but also in the Chinese cosmetic market, the mission letter also adds.

In addition, the organization’s researchers have carried out R&D to manufacture skin care, whitening and anti-wrinkle products with stem cell technology such as feminine cleanser, male cleanser and perfume.

Currently, the annual domestic market for cosmetics and toiletries is around 110 billion taka. Local producers are going through tough times due to huge challenges including huge amounts of imported produce, industry insiders said.

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

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