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Walton Occupying over two-thirds share of the local refrigerator market, around half of television and one-third of air conditioner markets, the company is now heavily pursuing its dreams to flourish in the global map ,Engineer Golam Murshed, managing director of Walton Hi-Tech Industries Ltd.shares the story of his strenuous journey to success in an exclusive interview with "Business Tribune"

Golam Murshed, a mechanical engineering graduate from the Islamic University of Technology (IUT), joined Walton in 2010 as an assistant engineer. For his abundant talent and hard work, he was given the charge of the company's refrigerator manufacturing operation and later promoted to CEO of its Refrigerator Division.

Golam Murshed was born in a prominent family in Chapainawabganj. His father Md. Monirul Islam has been serving as a key member of the Chapainawabganj Press Club. Murshed, an entrepreneurial and visionary young business leader, has been serving Walton in various important positions for over a decade. He is most admired for the modernization of production and aggressive marketing strategy. He is a member of the Bangladesh Refrigerator Manufacturers and Exporters Association.

• Business Tribune: How big is the market for electronics products in Bangladesh? What is the market share of Walton products?

 Golam Murshed: Bangladesh is a huge market for electronics, electrical and home appliances. Fridges, televisions, air conditioners, washing machines, microwave ovens, rice cookers, blenders and other home and electrical appliances are sold in the country to the tune of Tk 15,000 crore every year. About 80 percent of this huge market is refrigerators. A decade and a half ago, it was all Occupied by foreign brands. Domestic electronics brands have now taken over the local market by removing foreign brands. In particular, Walton Fridge now has a market share of more than 70 percent in the country's electronics market. Besides, Walton has gained 50 and 30 percent market share in TV and AC respectively. Walton products are being used not only in urban areas but also in almost every household in the countryside as high quality technology products made in the country are handed over to the buyers at affordable prices.

• Business Tribune: How did Bangladesh become an exporter from an importer of electronics products?

 Golam Murshed: A decade ago, the country's electronics market was completely dependent on imports. At that time huge amount of foreign currency was spent on importing goods from abroad; On the other hand, the prices of electronics products like refrigerators and TVs also skyrocketed. So then electronics was a luxury product. However, after Walton started manufacturing various types of electronics and home appliances including refrigerators, TVs, ACs at the local level, the import dependence of this domestic sector has come down significantly.

Walton took the initiative in 2007 to set up a full-fledged electronics manufacturing plant called Walton Hi-Tech Industries Limited at Chandra in Gazipur. In just two years, in 2008, Walton started commercial production of refrigerators in the factory. Production of televisions and air conditioners also started in a short time. The country's import dependence on the electronics sector has been declining rapidly since the start of production at the local level. In just a few years, Walton has risen to the top to meet the demand of the local market, leaving foreign brands behind in the competition. At present, besides Meets the needs of the country, Walton's products are being exported to 40 countries in Asia, the Middle East, Africa and Europe. 'Made in Bangladesh' is bringing fame to Bangladesh by winning the trust of world buyers with international quality products made by Walton. The country's export income is increasing. A large amount of foreign currency is being added to the country's reserves.

Bangladesh is now self-sufficient in the production of electronics products. A potential new domestic industry has emerged, such as the production of imported alternative electronics products. Again, as the lion's share of import dependence in this sector has come down, it is saving several thousand crores of foreign currency. As a result, besides creating a lot of employment, skilled manpower is being developed in the domestic technology sector. Meanwhile, the government's revenue in the VAT and tax sector has also increased as domestic industrial products are at the top in sales in the local market.

• Business Tribune: What are your future plans for Walton as managing director?

 Golam Murshed: Occupying over two-thirds share of the local refrigerator market, around half of television and one-third of air conditioner markets, the company is now heavily pursuing its dreams to flourish in the global map. Walton has set 'Vision 2030'. That means to be ranked in the list of 5 best global brands in the world by 2030. That is why a long-term roadmap has been prepared. He also said that Our vision is to be among the world’s top five brands’ 

on the other hands, Seeing the rising anti-China sentiment in India, the US and much of the world, local electronics giant Walton has now set its sight on attracting buyers who are shifting away from China for procuring electronics and home appliance goods, said Golam Murshed . “But for that, branding Bangladesh is very crucial,Globally, Bangladesh is still known as a third-world country.

But given the present economic status and growth, in absolute terms, Bangladesh is not a third world country anymore, he said. “This is a big challenge for us in grabbing market share abroad. People simply don’t know"We expect the winning trend in the local market will continue, while the opportunity in the international market is much bigger," said the boss of the country's largest electronics and electrical appliance manufacturer about Bangladesh as a manufacturer of home appliances or electronic products.”

Business Tribune: What products are Walton exporting to which countries? What is Walton's future plan to increase exports?

 Golam Murshed:  In addition to its own brand, under the OEM (Original Equipment Manufacturer) system, various types of home and oil products including refrigerators, TVs, ACs, compressors, laptops, smart phones, washing machines, ovens, blenders, electric fans. Walton's products currently exported to India, Nepal, Bhutan, Maldives, United Arab Emirates, Saudi Arabia, Iraq, Yemen, Nigeria, Ghana, East Timor, Turkey, Germany, Poland, Greece, Asia, Middle East, Africa including 'Made in Bangladesh'. And more than 40 countries in Europe.

Walton is following the 'fit for all' policy at the production stage. In other words, Walton is producing high quality electronics, electrical and home appliances in its own factory which is suitable for the weather of any country in the world and according to the tastes, habits, preferences and needs of the buyers of different countries. As a result, Walton's products have won the confidence of global buyers and export trade to new countries is expanding very fast.

• Business Tribune: Walton is currently the leading exporter of electronic products from Bangladesh. Can you share some details about your export portfolios?

 Golam Murshed: Walton has been exporting wide ranges of products which are ‘Made in Bangladesh’ to more than 40 countries in the regions of Asia, Middle East, Africa and Europe. Walton company began exports in some least developed markets years ago, but the takeoff has been happening very recently as already 40 countries have proved to be markets of Walton and its other brand Marcel.

"The days of a five-year warranty for refrigerator compressors are gone. Walton is now offering a 12 years' guarantee for the compressors it manufactures in Bangladesh, as the lone player for the vital component of refrigerators and air conditioners," said Golam Murshed.

He said the company has hired some best talents from the world's top companies so that they can drive Walton up to its "Vision 2030" for becoming one of the top five brands in the industry globally.

The Bangladesh government's policy support helped Walton grow. Golam Murshed said.

"The company needs to work in some countries where it faces non-tariff barriers," said Murshed.

• Business Tribune: How crucial has been the role of innovation behind Walton’s rise as the country’s top electronics manufacturer? Can you please share some details about your R&D operations?

 Golam Murshed: Innovation has been the key for Walton in ensuring customer satisfaction and becoming the leading Bangladeshi electronics brand. We are strongly committed to producing high-quality products with state of the art technology. Walton has been making considerable investments in R&D (Research and Development) from the inception of its journey, including the establishment of the country’s largest R&D centre. We have set up an individual R&D department for each of the products our brand offers. They are equipped with state of the art facilities and some of the most highly-skilled engineers in the country. Concurrently, Walton formed an outstanding R&D team with expert engineers from Italy, Korea and Bangladesh, who are working on products’ designs and quality standards considering the world’s each market. Similar initiatives are also on the cards of other regions of the world, including America, Europe, Australia, Middle East and Africa.

• Business Tribune: Walton is currently the leading exporter of electronic products from Bangladesh. Can you share some details about your export portfolios?

 Golam Murshed: Walton has been exporting wide ranges of products which are ‘Made in Bangladesh’ to more than 40 countries in the regions of Asia, Middle East, Africa and Europe.

Among its wide range of products, Walton is exporting refrigerator, television, air conditioner, compressor, laptop, smartphone, washing machine, electric fan, microwave oven and various sorts of home, electronics and electrical appliances.

• Business Tribune: What are the challenges that the electronics manufacturing industry is facing that might impede future growth?

 Golam Murshed: The current government has prioritised transforming Bangladesh into a manufacturing-based economy from primarily agricultural with the aim of becoming a middle-income country by 2021. Concurrent policy support and infrastructure development have facilitated the robust growth of the local manufacturing sector.

Walton has been visionary in utilising government incentive in establishing the leading electronics manufacturing brand in the country. Bangladesh government’s strong policy support has been pivotal in Walton’s rise.

To ensure sustainable growth, the government must continue its policy and support to the local electronics manufacturing industry.

Business Tribune: What kind of challenges are there in the development and progress of Walton?

 Golam Murshed:  We are now on the brink of a knowledge and technology based Fourth Industrial Revolution or Digital Revolution. As a result, all technologies and production methods are changing. The production and marketing of products in line with the challenges of the Fourth Industrial Revolution is a major issue for the electronics manufacturing industry. But Walton took it positively. Because Walton has been in line with the advancement of technology from the beginning, the line of production, product research and development or ND department, Testing labs and QCs are adding state-of-the-art machineries and equipment everywhere. The Walton factory has a separate RND for each product to deliver the latest technology and feature products to the buyers. More than 500 talented and skilled engineers engaged in these RNDs are conducting regular research on advanced technology. And so Walton is moving forward with the challenge of rising to the list of the top 5 global electronics brands in the world by 2030 by producing and exporting products of the world's latest technology global model.