Highlights:

• The new investment will be made over the next 3 years
• The company has already invested 200 crT in the manufacturing of Gree AC over the last 3 years.
• Gree AC sales increased from 16,000 units in 2016 to over 2 lakh units in 2023
• Gree aims to increase annual sales to 5 lakh units within five years

Electro Mart Limited (EML), one of the largest electronics and home appliances companies in Bangladesh, has announced plans to invest Tk 500 crore over the next three years to expand its air conditioner manufacturing capacity ( AC), especially for the Gree brand.

The announcement was made during a press conference at the Westin, marking the visit of Kevin Bai, deputy chairman of Gree, a Chinese electronics giant founded in 1991.

“We have already invested Tk 200 crore in the manufacturing of Gree AC in the last three years. To meet the growing demand, we plan to invest another Tk 500 crore in the next three years,” Nurul said Afser, deputy general manager of EML, adding that EML currently manufactures all AC components locally, except compressors.

Kevin Bai said Bangladesh’s growing importance for Gree is due to the rapid increase in demand for AC power. “When I first visited Dhaka in 2016, the annual sales were only 16,000 units. Today, we sell more than 2,00,000 units annually,” Kevin told Business Standard.

He said Gree aims to increase its annual sales in Bangladesh to 5,00,000 units within five years.

Annual sales of air conditioners of various brands in Bangladesh have reached around six lakh units in 2023, according to industry experts.

Highlighting the company’s focus on sustainability, Kevin said Gree invests heavily in research and development to reduce carbon emissions from air conditioners. “If powered by solar energy, an air conditioner produces no carbon emissions,” he added.

Kevin also advised consumers to opt for inverter air conditioners which, although 10-15% more expensive than non-inverter models, consume significantly less energy.

To expand its presence in Bangladesh, Gree plans to introduce more home appliances, including refrigerators and microwave ovens.

Gree operates 18 production bases around the world, including China, Brazil, Bangladesh, Egypt and Pakistan. According to Kevin, the company holds approximately 37,000 technology patents, including more than 16,000 for inventions.