NIPRO Asia Pte, owned by Japanese NIPRO Corporation, has formed a joint venture with local JMI Group to provide medical devices in the domestic market.

NIPRO Corporation made a Tk 128 crore foreign direct investment (FDI) for the launching of NIPRO JMI Marketing, which will market medicine and medical equipment manufactured by JMI Group in the local market, said a press release.

This takes the NIPRO Corporation's total investment with the JMI to around Tk 680 crore.

"JMI Group has achieved our trust by producing quality products. That is why we have not hesitated further in investing with the company," said Shigetomi Hisao, a representative of NIPRO Asia Pte, in a statement.

"We hope that the NIPRO JMI Marketing Ltd like our other ventures with the JMI Group will satisfy the consumers by ensuring the products' quality," said Hisao following the launch of the venture at JMI's headquarters in Dhaka yesterday.

The NIPRO's equity in the joint venture is 70 per cent while the JMI's the rest, said Abhijit Paul, head of business development at JMI Group.

JMI Group Managing Director Md Abdur Razzaq said the fresh investment from the NIPRO was a testament of the quality of the JMI's products.

JMI Group has been manufacturing and supplying medical devices and pharmaceuticals in the country since 1999.

The NIPRO Corporation, listed on the first section of the Tokyo Stock Exchange, Japan, is one of the world's biggest manufacturers of medical devices, pharmaceuticals and pharma-packaging.

The duo's other joint ventures are NIPRO JMI Company, NIPRO JMI Pharma and JMI Syringes and Medical Devices.