Akij Group, one of the leading conglomerates of the country that has operations in sectors as diverse as matches to cigarettes, beverage to cement and particle board to ceramic, has got the Government approval to invest $20 million in Malaysia which would allow Akij to acquire Malaysian fibreboard manufacturing firm Robin Resources and its subsidiary Robina Flooring, reports the New Age.
The cabinet committee on economic affairs on the day at a meeting, presided over by finance minister AMA Muhith, approved the proposal put forward by the Financial Institutions Division, says the report.
The approval has made the Akij Group the first local company to make investment abroad.
This is a rare move on part of the government given that under the current Foreign Exchange Regulation Act, overseas investment is not permitted for resident Bangladeshis. However, policymakers have been suggesting the potential relaxation of the rule for a while now. This new move would encourage many local businesses to explore international market, the report says.