The New Nation - Internet Edition

BUSINESS REPORT

Atlas Fisheries WLL, a Bahrain-based Saudi Arabian company, signed a joint venture agreement on May 8 last with Baraka Ltd, a daughter concern of Ahmed Amin Group of Companies, a Bangladeshi company.

The joint venture company will initially focus on fish processing and fish export through establishing a company styled as ATLAS BARAKA FISHERIES (BD) Ltd.

A joint venture agreement was singed by Dr Essam M.R. Abdulghani on behalf of ATLAS FISHERIES W.L.L and A.K.M Ruhul Amin, Group Vice President of Ahmed Amin Group of Companies, Bangladesh on behalf of their respective companies.

The company will be registered with the Bangladesh Board of Investment (BoI) and the Registrar of the Joint Stock Company immediately to resume its function as soon as possible.

The joint venture company, besides fish processing and fish export, will produce value added fish products which will bring tremendous impact on fish production and fish processing and industries and will lead to earning sizeable foreign exchanges for Bangladesh.

The Saudi company will remain in the management of the JV company. It will bring modern technology meant for fish processing and value added products with indigenous fish along with its rich experience and expertise in the fish and fish related products.

In this process there will be technology transfer in this sector. The company will employ Bangladeshi personnel for its operations. As a result of operations of the company, there will be huge employment of the Bangladeshi nationals.

In the next phase the JV company will focus on agro products, fruits and fruit products. The company will export green vegetables, fruits and value added agro products. The company will invest in the agriculture and fisheries sectors to boost production to export and earn foreign exchange for the country.