Nine industrial groups join the billion-dollar club

The 2025–26 financial year was not particularly favourable for the country's industrial sector. Energy shortages disrupted factory production, while exports recorded no significant growth.

Despite these challenges, nine industrial groups in Bangladesh crossed the one billion dollar threshold in import and export trade, including customs duties and taxes. In the 2024–25 financial year, eight industrial groups featured on this list.

The nine industrial groups that joined the billion-dollar club in import and export trade by the end of the last financial year are Meghna Group of Industries (MGI), PRAN-RFL Group, South Korea's Youngone Corporation, Abul Khair Group, Square Group, BSRM, TK Group, Khair Kashem Group and Ha-Meem Group.

City Group was also a member of this club a year ago. However, the import and export trade of this leading industrial group, which is currently facing difficulties, declined by 41 per cent in a year.

As a result, its trade volume fell below the billion-dollar club's threshold of one billion dollar.

Meanwhile, Khair Kashem Group entered the club for the first time after acquiring several operational factories. Ha-Meem Group also joined the list of successful exporters.

The remaining seven groups maintained billion-dollar transactions in their foreign trade during the last financial year, as they had done in the previous year.

According to data from the National Board of Revenue (NBR), the nine groups in the billion-dollar club imported goods worth US$9.83 billion during the last financial year.

In contrast, they exported goods worth approximately US$3.05 billion. They also paid Tk 199.44 billion, or around US$1.63 billion, in customs duties and taxes at the import stage.

Overall, the combined import and export trade of these nine groups amounted to US$14.55 billion. Excluding customs duties and taxes and considering only the value of imported and exported goods, the figure stood at US$12.87 billion, accounting for nearly 11 per cent of the country's total import and export trade during the last financial year.

The country's total import and export trade amounted to US$119.33 billion during the last financial year. Around 600,000 people work for the nine industrial groups in the billion-dollar club.

The term “billion-dollar club” refers to industrial groups whose annual trade reaches at least US$1 billion when import expenditure, including customs duties and taxes, is combined with the value of exported goods and services (revenue from transporting goods on seagoing vessels). This does not represent the groups' total sales or profits.

Industrial groups generally do not disclose their annual transaction figures unless they are listed on the stock market. However, it is possible to identify the leading players among manufacturing companies engaged in import and export trade.

The nine industrial groups in the billion-dollar club operate under three different business models.

Youngone Corporation and Ha-Meem Group are entirely export-oriented, with their export earnings exceeding their import expenditure.

PRAN-RFL Group and Square Group have established strong positions in both the domestic and export markets.

Meanwhile, MGI, Abul Khair Group, BSRM, TK Group and Khair Kashem Group primarily manufacture products for the domestic market. 

Meghna Group of Industries (MGI) has retained its top position in the billion-dollar club this year.

Including customs duties and taxes, the group's import and export trade amounted to approximately US$3.2691 billion in the last financial year, marking a 14 per cent increase compared with the previous financial year.

The group imported goods worth US$2.6717 billion and paid Tk 55.02 billion, or around US$450 million, in customs duties and taxes at the import stage. It also exported goods worth US$147.5 million.

MGI operates manufacturing facilities across at least 23 sectors. The group has a significant presence in sugar, liquefied petroleum gas (LPG), edible oil, plastic raw materials, animal feed and seagoing vessels. Its fleet comprises 30 seagoing vessels.

Most of the group's factories manufacture products that serve as alternatives to imports. Entrepreneur Mostafa Kamal founded MGI 51 years ago. Its leading brand is “Fresh”. According to the group's information, around 68,000 people work for the company.

MGI Chairman Mostafa Kamal told Prothom Alo, "We have not stopped investing in manufacturing industries despite the challenges. Our continuous investment has brought MGI to the top. By manufacturing import-substitute products locally, we are saving foreign currency. We are now increasing investment in heavy and basic industries. Once the Cumilla Economic Zone becomes operational next year, six factories there will begin production. At the same time, we are expanding our fleet of seagoing vessels to increase export earnings. We want to maintain our passion for establishing new industries and creating employment opportunities."

PRAN-RFL Group ranks second on the list. Including customs duties and taxes, its import and export trade amounted to US$2.2622 billion, representing a 19 per cent increase compared with the previous financial year.

The group imported goods worth US$1.3965 billion and exported goods worth US$517.6 million. It paid Tk 42.57 billion in customs duties and taxes at the import stage.

The group's greatest strength lies in its extensive market reach. PRAN-RFL exported products to 129 countries during the last financial year. Non-garment products accounted for 77 per cent of its exports.

Its three largest markets were Saudi Arabia, the United States and India. The group is also one of the leading importers of capital machinery. It employs 204,000 people.

PRAN-RFL Group Chairman and Chief Executive Ahsan Khan Chowdhury told Prothom Alo, "We faced many challenges during the last financial year. Restrictions on exports to India through land ports and the war in the Middle East have reduced our competitiveness. We also struggled with energy shortages at home. Nevertheless, I believe PRAN-RFL will perform even better in the coming days. Bangladesh is one of the best countries in the world in terms of manufacturing, as production costs here are relatively low."

South Korea's Youngone Corporation is the only foreign company among the nine leading industrial groups.

The group's import and export trade amounted to US$1.7547 billion during the last financial year, marking a 15 per cent increase compared with the previous year. Although Youngone ranked third in terms of total trade, it topped the list of exporters.

During the last financial year, the group exported goods worth US$1.1161 billion. Its imports, including customs duties and taxes, amounted to US$638.5 million. In other words, Youngone's export earnings were almost 1.75 times its import expenditure.

Garments accounted for 94 per cent of Youngone's exports, with high-value jackets and outdoor clothing making up a significant proportion. The group exported products to 62 countries during the last financial year. Its major markets include the United States, Germany and China.

Youngone began its operations in Bangladesh around 45 years ago. The group established the country's first privately owned Export Processing Zone (EPZ), the Korean EPZ, in Anwara, Chattogram.

According to the group's information, more than 80,000 people work at its factories in Chattogram and Dhaka.

Youngone Corporation Chairman Kihak Sung told Prothom Alo that the company wanted to increase the production of synthetic fibre-based products at the Korean EPZ and bring more stages of the manufacturing process under its direct management.

However, inadequate energy supply remains a major obstacle to expansion. This has limited opportunities to increase the production of synthetic fibre-based products and make new investments.

A sufficient and reliable energy supply is essential for Youngone to implement its investment plans and expand high-value garment manufacturing in Bangladesh.

Abul Khair Group, which ranks fourth in the billion-dollar club, imported goods worth approximately US$1.236 billion during the last financial year.

It paid Tk 39.33 billion (around US$321.5 million) in revenue at the import stage. Overall, the group's import and export trade amounted to US$1.6 billion during the last financial year.

Around 95 per cent of the group's imports consist of industrial raw materials. It has a strong presence in several sectors, including steel rods, cement, corrugated iron sheets, powdered milk, tea and tobacco.

During the last financial year, the group exported goods worth approximately US$43 million. Tobacco accounted for 83 per cent of its exports, with the United States serving as a major destination.

The group is also increasing investment in new sectors. Alongside expanding its steel production capacity, it has invested in the pharmaceutical and jute industries. The group began exporting pharmaceutical products during the last financial year.

Founded in 1953, the group has grown into one of the country's leading industrial conglomerates under the leadership of Abul Khair's sons.

It currently operates nearly 50 companies across various sectors, including steel, cement, shipping and ceramics. The group employs around 60,000 people.

Among the industrial groups on the list, Square Group exports products to the second-highest number of countries after PRAN-RFL Group, reaching 97 countries.

Including customs duties and taxes, the group's import and export trade amounted to US$1.2177 billion, representing a 1 per cent increase compared with the 2024–25 financial year.

During the last financial year, the group imported goods worth approximately US$710 million and exported goods worth around US$410 million. It paid the Government Tk 12.84 billion, or approximately US$105 million, in revenue at the import stage.

Square's pharmaceutical business primarily depends on the domestic market. In contrast, ready-made garments account for 89 per cent of its export earnings. The remaining earnings come from pharmaceuticals, food products and cosmetics.

Asked about the matter, Square Textiles Chairman and Square Pharmaceuticals Managing Director (MD) Tapan Chowdhury told Prothom Alo, "We are not setting up any new factories at present. Alongside improving product quality, we have started exporting high-value textile products, particularly denim fabrics and high-value ready-made garments. In addition, we are placing greater emphasis on making our business sustainable by reducing production waste and adopting environmentally friendly manufacturing practices."

BSRM ranks sixth in the billion-dollar trade list, having achieved this milestone solely through its steel business.

During the last financial year, the group imported goods worth US$1.0635 billion. It paid Tk 9.97 billion (US$80 million) in customs duties and taxes at the import stage.

It also exported goods worth approximately US$20 million. Including customs duties and taxes, its total import and export trade amounted to US$1.1667 billion.

Around 98 per cent of its imports consist of steel raw materials sourced from 70 countries. The group sells almost all the steel manufactured from these materials in the domestic market.

Its export products include zinc ash, zinc oxide and slag, which are by-products of its manufacturing operations. The group's two stock market-listed companies recorded combined business worth approximately Tk 240 billion during the last financial year.

Founded in 1952, the group is now under the leadership of its third generation. Despite declining demand for steel, BSRM says it has maintained growth and is planning further investments.

BSRM Managing Director Aameir Alihussain told Prothom Alo, "Although overall demand for steel has declined, we have maintained our growth. This is because our products are of good quality. We plan to increase investment in this sector to sustain our growth. If we receive policy support, we want to establish a steel plate manufacturing factory in Mirsharai at a cost of Tk 100 billion."

TK Group imported goods worth US$960 million during the last financial year. It paid Tk 19.05 billion (approximately US$155 million) in customs duties and taxes. The group's exports amounted to US$10 million.

Overall, its import and export trade totalled approximately US$1.1258 billion, marking a 2 per cent decline compared with the previous financial year.

Around 98 per cent of TK Group's imports consist of primary and intermediate industrial raw materials. A significant proportion of these materials comprises crude palm oil and soybean oil.

Other imports include raw materials for corrugated iron sheets, LPG and chemicals. Most of the group's export earnings come from crust leather. It also exports food products, steel and chemicals. The group employs around 35,000 people.

Samuda Group, an associate of TK Group, is currently expanding its business. It is increasing its operations in petrochemicals, synthetic yarn and soybean crushing.

Asked about the matter, TK Group Director Muhammad Mustofa Haider told Prothom Alo, "There are many global challenges at present. Nevertheless, we are expanding our business gradually, step by step, in line with our plans."

Khair Kashem Group has joined the billion-dollar club for the first time. Abul Kashem, Chairman of Abul Khair Group, has established this separate industrial group outside his existing business conglomerate.

The group's principal company is Smile Food Products Limited. In March and December 2024, the group acquired five companies, including a seed-crushing factory, a sugar refinery and three ready-made garment factories.

The group now comprises nine companies in total. Following the acquisitions, the factories concerned began full-scale production during the last financial year. This development enabled the group to enter the billion-dollar club for the first time.

During the last financial year, the group imported goods worth US$861.6 million, paid US$173.2 million in customs duties and taxes, and exported goods worth US$39.3 million. Its total import and export trade amounted to US$1.0741 billion. Around 98 per cent of its imports relate to the edible oil and sugar sectors.

Ha-Meem Group has also entered the billion-dollar list for the first time this year.

The group exported goods worth US$751.6 million during the last financial year, while its imports amounted to US$298 million. In other words, its exports were two-and-a-half times the value of its imports, the highest ratio among the nine groups.

As the group imports raw materials under the bonded warehouse facility, its customs duties and taxes at the import stage amounted to only Tk 210 million.

Even excluding customs duties and taxes, Ha-Meem's combined import and export trade exceeded US$1 billion. Overall, its import and export trade amounted to US$1.05 billion.

Ha-Meem is the leading exporter among domestic industrial groups. Besides garments, the group operates businesses in tea estates, printing, media and jute mills.

Asked about the matter, Ha-Meem Group Managing Director AK Azad told Prothom Alo that working with renowned international brands had helped the group expand its business. He added that the group had also increased its production capacity in various ways, placing particular emphasis on adopting automated technologies in manufacturing over the past few years. This had boosted production, delivering positive results for the business.

AK Azad expressed hope that the group would maintain its growth in the future, provided the country's overall law and order situation remained stable, labour unrest did not occur and no new uncertainties emerged.

Asked about the matter, Centre for Policy Dialogue (CPD) Distinguished Fellow Mustafizur Rahman told Prothom Alo that these groups, which started as small and medium-sized enterprises, had now achieved transaction volumes exceeding US$1 billion.

He said, "The hard work and expertise of entrepreneurs, together with government policy support, have helped them reach this stage. Policy support is also necessary to ensure that current small and medium-sized entrepreneurs have opportunities to achieve similar success. Although large industrial groups can overcome various challenges, small and medium-sized entrepreneurs do not have the same capacity. In an economy like Bangladesh's, the number of such successful businesses should be much higher. We also need to analyse the circumstances of those whose trade volumes have fallen below the one billion dollar threshold."

*This article, originally published in Prothom Alo print and online editions, has been rewritten in English by Nuzhat Tabassum.