Laugfs Gas Bangladesh, a company of Sri Lanka-based multinational Laugfs Holdings, said it plans to strengthen its presence in Bangladesh with renewed commitment and further investments.
The firm disclosed its plans at a reception for visiting Sri Lankan President Maithripala Sirisena at Sonargaon hotel.
“As an energy conglomerate with a strong footprint within the region, we plan to invest significantly in Bangladesh over the next three years to enhance capacity, expand storage and set up a cylinder manufacturing plant,” said Laugfs Holdings Chairman WKH Wegapitiya in a statement on Thrusday.
Sri Lankan Foreign Affairs Minister Ravi Karunanayake expressed hope that bilateral trade would treble within the next two years.
He said the president also instructed them to work towards establishing a free trade agreement between the two countries.
Laugfs Gas entered Bangladesh in 2015 with the acquisition of Petredec Elpiji Ltd and is now one of the largest liquefied petroleum gas distributors in the country.
The company imports and distributes over 50,000 tonnes of LPG every year and operates an expansive and fast-growing distribution network across Bangladesh.
The company operates LPG import, bottling and distribution facilities at the Mongla port. It also pioneered the introduction of autogas in Bangladesh and supplies LPG to automobile service stations across the country.
Md Shahriar Alam, state minister for foreign affairs; Nasrul Hamid, state minister for energy; and Zunaid Ahmed Palak, state minister for the ICT Division, also spoke.
Mahbubur Rahman, president of the International Chamber of Commerce (ICC) Bangladesh, and Latifur Rahman, chairman and CEO of Transcom Group and a member of the executive board of the ICC, were also present.