The country is witnessing a gradual rise in the demand for gas stoves, primarily driven by lifestyle changes, the widespread availability of liquefied petroleum gas (LPG) cylinders, competitive product pricing, and improved customer services.
Once Bangladesh has to depend on imported gas stoves, now the scenery is changing thanks to local entrepreneurs. Their bold endeavour is declining the dependency, boosting the country’s economy, and creating employment.
However, some entrepreneurs are compelled to adopt a “go-slow” approach in their business operations due to financial constraints, even though they aspire to drive rapid growth in the local manufacturing sector.
Like many, Solus Corporation, a local electronics brands aiming to provide superior customer service by providing the best quality and value-added home appliance products, is roaming to banks for taking a handsome loan so that they can meet customers’ demand amply.
Speaking to The Business Post, Md Arzu Alamgir, Deputy Director of Solus Corporation said, “We have entered in gas stove market in 2018. With getting good response from customers, we set up a factory to manufacture gas stove in Savar area in 2020 by totally own fund. Our production capacity is around 20,000 pieces of gas stoves per month. Financial shortage and letter of credit (LC) opening complexity impede our production.”
He added, “Due to financial constraints, approximately 10,000 orders are currently pending for delivery. In an effort to expedite production, we aimed to import a high-powered machine, but we have encountered difficulties securing the necessary funds. Despite approaching various banks, including Bengal Commercial Bank, we have not yet been successful in obtaining a loan.”
Alamgir said they have a strategy in place to augment their current workforce of 300 to 3000 over the next four years.
“Since 2020, our company has experienced an impressive annual growth rate of 100 per cent. With a diverse portfolio of 39 unique product models, we offer competitive pricing ranging from Tk1500 to Tk8000. Moreover, we are currently planning to expand our product range to include rice cookers, blenders, electric kettles, and infrared cookers in the near future.
In this competitive market, it is tough to combat by own capital with giant companies. Single digit bank loan may reduce production cost and customers can buy products at reasonable prices as well,” he shared.
The corporation’s vision is to ignite excellence in the world of gas stove manufacturing and enhance culinary experiences for individuals and families. We are committed to crafting innovative, high-quality gas stoves that combine exceptional performance, safety, and design, while catering to the evolving needs of our customers, he furthered.
We also achieved significant milestones in sustainability and environmental responsibility. By incorporating energy-efficient designs and clean-burning technology into our gas stoves, has played a crucial role in reducing carbon emissions and promoting eco-friendly cooking practices, he said.
He also said we are certified by International Organization for Standardization (ISO). This certification process involves a series of tests and inspections that examine the product’s design, manufacturing process, and quality control procedures. The certification not only ensures the quality of the product but also indicates the company’s commitment to maintaining high standards.
“We achieved awards at Dhaka International Trade Fair (DITF) 2022 and 2023. However, we may start to export our products from next year,” Alamgir explained.
There is a demand for gas stoves of 50-60 lakh pieces yearly in the country. The main challenges for the gas stove market are high price of Liquefied Petroleum Gas (LPG), LC opening, and high duty on parts.
Around 18-21 components are required to make a gas stove. Of them, we have to import Burner, Glass and igniters. And rest of components we manufacture in our factory. We request the government to reduce duty on parts which used for making the product, increase duty on finished imported products to encourage local manufactures, he added.
