Bangladesh's leading global electrical, electronics and technology products manufacturer 'Walton' has started export trade operations with India in rupees.
The initiative to start bilateral trade between Bangladesh and India in rupees has gone one step further. Standard Chartered Bangladesh executed the first BDT-INR export transaction for Walton.
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 last (September 18, 2023).
On behalf of their respective organisations, 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, 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 are facing 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's bilateral trade settlement in Rupees has been introduced 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, 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 dollars. Out of which, Bangladesh's export was $ 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 to become one of the top global consumer electronics brand by 2030. To make the vision successful, Walton is exporting 'Made in Bangladesh' labelled hi-tech products to more than 40 countries in the world including Asia, Middle East, Africa and Europe under the OEM (Original Equipment Manufacturer) and its own brand logo as well. Currently, Walton focused on expanding its own brand business in the global market.