Walton starts export trade with India in rupees amid USD crisis

Date:

Post View:

Walton starts export trade with India in rupees amid USD crisis

BM Report:

Bangladesh’s technology product manufacturer ‘Walton’ has started export trade operations with India in rupees. The company officials marked this initiative of bilateral trade between Bangladesh and India in rupees, which has gone one step further. Standard Chartered Bangladesh executed the first BDT-INR export transaction for this company.

In this regard, Walton Hi-Tech Industries PLC. and Standard Chartered Bangladesh (SCB) signed the first BDT-INR foreign exchange deal at a five-star hotel in the capital on Monday.

On behalf of their respective organizations, Walton Hi-Tech Industries Managing Director (MD) and CEO Golam Murshed and SCB’s CEO Naser Ezaz Bijoy inked the deal.

Walton Refrigerator’s Chief Business Officer, Tofail Ahmed, said that this year Walton will export refrigerators worth about US $10 million to a well-known electronics product marketing company in India. Out of which, Walton is going to send the first shipment of refrigerators worth 1.7 crore rupees to the Indian company in November this year. Of which, the Indian company has already paid 10 percent of the advance payment in rupees. SCB completed the first Indian rupee-denominated trade transaction for Walton.

Walton Hi-Tech’s MD and CEO, Golam Murshed, said, “Bangladesh is currently using US dollars to settle foreign trade transactions. Since the beginning of the Russia-Ukraine war, we have been facing a dollar crisis. The value of the dollar against the taka has been appreciated sharply, which has had a significant impact on the country’s foreign exchange reserves. In such a situation, India and Bangladesh have introduced bilateral trade settlements in rupees to reduce To make this initiative of the two countries successful, Walton has started export trade with India in INR.”

He also said, “Walton annually exports about 1 billion rupees worth of refrigerators, compressors, fans, and spare parts in India. As Walton has started export trade settlement in INR, Bangladesh will be able to settle equivalent import bills with INR. Thus, the pressure on the dollar will reduce in the transactions between the two countries. Moreover, the cost of exchanging currencies twice for importers and exporters of both countries will also be reduced. It will also save time in transaction settlement.”

In the financial year 2021–22, the bilateral trade between Bangladesh and India was about $16 billion. Out of which, Bangladesh’s exports were $2 billion. Under the new system, Bangladeshi traders will be able to settle bills of up to $2 billion for imports from India in rupees. In this regard, Walton’s initiative to start export trade activities with India in rupees will play a vital role.

Walton is now moving ahead in the global market with the vision ‘Go Global 2030.’ The vision is to become one of the top global consumer electronics brands by 2030. To make the vision successful, Walton is exporting ‘Made in Bangladesh’ labeled hi-tech products to more than 40 countries in the world, including Asia, the Middle East, Africa, and Europe, under the OEM (Original Equipment Manufacturer) and its own brand logo as well. Currently, Walton is focused on expanding its own brand business in the global market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

Social Islami Bank distributes agricultural finance to maize cultivators at Khansama, Dinajpur

BM Desk: Social Islami Bank distributed agricultural finance at 4%...

Bashundhara MD honours TRUB Smart Performance Award 2024

BM Desk: Sayem Sobhan Anveer, Managing Director (MD) of Bashundhara...

Islami Bank holds discussion on International Mother Language Day

BM Desk: Islami Bank Bangladesh PLC organized a discussion and...

BKB commemorates Language Martyrs on International Mother Language Day

BM Desk Bangladesh Krishi Bank (BKB) led by its Chairman...