 | Germany's Otto keen on social business in Bangladesh
30 October, 2010
Germany's Otto GmbH and Co KG plans to set up a textile factory in Bangladesh in line with the social business model.
"We have a very close relationship with Bangladesh for decades. We have a business plan to set up a factory here in Bangladesh in association with Dr Yunus," said Michael Otto, chairman of Otto Group.
Otto signed a deal with Grameen Trust in November last year to start a joint venture, Grameen Otto Textile Company, which will produce readymade garments for the international market under "socially and ecologically sustainable conditions".
Otto and Grameen will hold a fifty-fifty stake in the venture. Otto will provide total financing, while the Grameen will contribute with know-how and vast networks.
Otto also has social business ventures in Africa. "Five years ago, I started a social business in some African countries, helping cotton farmers to grow more higher-yield crops. We have continuously trained and retrained them," said Otto.
Release link:http://www.thedailystar.net/newDesign/news-details.php?nid=160423
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