Bangladesh's electronics and technology market will turn around in 2021
The lockdown was in force during Eid-ul-Fitr, the main season for the sale of electronics. So, the year 2020 was naturally a bad one for everyone
The global economy, including that of Bangladesh, has been severely hit by the Covid-19 pandemic. This has affected almost all individuals and organisations.
We had been under lockdown from the last week of March 2020 to the last week of May in line with the government instructions. Later, our company's operations were conducted on a limited scale till July in compliance with the government directives.
The lockdown was in force during Eid-ul-Fitr, the main season for the sale of electronics. So, the year 2020 was naturally a bad one for everyone.
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Even then, 2020 would remain a significant and memorable year for several reasons. That year, Walton Hi-Tech Industries Limited was listed on the stock market as the first Bangladeshi electronics company. After the trade of Walton shares began on Dhaka and Chattogram stock exchanges on 23 September, the shares reached the circuit breaker's highest limit in the first trading session.
In the first three quarters of fiscal year 2019-20, the profit of Walton Hi-Tech Industries was 16.14% more than that in the same period of the previous financial year. But the pandemic disrupted our business growth in the fourth quarter.
Even then, sales in the export sector in that period increased by 134.4% compared to that in the same period of the previous year. Walton's contribution to the public revenue sector also rose by 51%.
After overcoming Covid-19 losses, Walton's business turned around since the first quarter of fiscal year 2020-21. Coronavirus vaccinations have already begun in different countries. I hope 2021 will be good for everyone.
The electronics industry largely depends on technology. We are making capital investments for R&D (research and development) expansion and industrial development to produce technological products, and the country is getting the benefits.
Next year, we are going to bolster our R&D activities further. At the same time, we are emphasising business expansion.
Our expectation is that the country's electronics and technology market will turn around in 2021. Export activities will increase further as well. As a result, we will go one step further in achieving the goal of becoming one of the world's top five electronics brands in 2030.
Golam Murshed, managing director of Walton Hi-Tech Industries Limited.
