Monik Trading and B’desh’s Walton to set up home appliance plant in SL

By Nishel Fernando

Sri Lanka’s Monik Trading, in collaboration with Bangladesh’s Walton Hi-Tech Industries, is looking to establish a manufacturing plant to produce home appliances locally.

Walton Hi-Tech Industries recently signed a memorandum of understanding (MoU) with Monik Trading Private Ltd to jointly develop brands and create a robust market framework. The MoU emphasises continuous product supply, marketing initiatives, superior customer service and enhanced product promotion.

Through this partnership, Walton’s advanced product line—including refrigerators, air conditioners, televisions and kitchen appliances—will be distributed via Monik Trading’s extensive islandwide network. Monik Trading Ltd has been appointed as the exclusive distributor for Walton’s consumer appliances in Sri Lanka.

“In the future, we are planning to establish a joint venture with Walton to produce these products in Sri Lanka,” said Monik Chief Financial Officer M.N.H. Nashwaq.

Speaking at the MoU signing ceremony held in Colombo recently, High Commissioner of Bangladesh to Sri Lanka Andalib Elias expressed optimism about the collaboration, highlighting its potential to deepen ties between the two nations.

“When Bangladeshis speak of Walton, their faces light up with admiration. Whether it’s a rice cooker or any other appliance, I believe the sky is the limit for us. I arrived in Sri Lanka just three months ago and I am confident that by the time I leave, we will be celebrating the success of this partnership. Our nations share a long history of friendship and we strongly believe in the potential of this collaboration,” he said.

Walton’s manufacturing strength is anchored by its state-of-the-art facility in Gazipur, Bangladesh, one of the largest in South Asia, spanning 5.88 million square feet. This plant boasts cutting-edge technology and a vertically integrated production process, ensuring efficiency and rigorous quality standards.

With a global footprint across 40 markets, Walton is equipped with international certifications such as CE, CB, UL and ISO, enabling it to compete in highly regulated markets like the European Union.

Monik Trading, a unit of Monik International, has its roots in the microfinance business and operates 15 branches across Sri Lanka. The group is also involved in furniture manufacturing and water bottling, adding diversified capabilities to the partnership.

Together, Monik Trading and Walton Hi-Tech aim to implement a comprehensive business road map to strengthen their competitive edge in the Sri Lankan market.