STX Corp., a South Korean general trading company, announced on Monday that it signed a memorandum of understanding (MOU) to supply the complete knockdown (CKD) automotive assembly products with Pragoti Industries Ltd., a state-owned enterprise in Bangladesh.
CKD involves exporting parts and assembling them locally for sale.
Under the MOU, STX will supply passenger car CKD packages to Pragoti Industries in the long term and plans to expand the range of vehicle models, including specialty vehicles, by the end of the year.
STX explained that the vehicles manufactured through this arrangement will be prioritized for delivery as official vehicles in Bangladesh.