With the name LM Ericsson Bangladesh Ltd (Ericsson Bangladesh), officials said, the company will recruit local human resources and within six months the telecoms giant will double its workforce from 160 to 320.

Ericsson has been conducting its activities in Bangladesh through a branch office since 1997.

The officials said with the incorporation of the company, Ericsson will be able to support its customers in a more efficient and cost-effective way.

"I am proud of this significant milestone for Ericsson in Bangladesh. Over the past few years, we have witnessed phenomenal growth in the country's telecommunications industry and we are confident that this trend will continue," Karl-Henrik Sundstrom, executive vice president and chief financial officer of Ericsson, told a press conference in Dhaka.

About the media report that Ericsson has decided to invest US $ 100 million every year in telecoms sector in India, Sundstrom said Ericsson will also intensify its investment here, as Bangladesh is Ericsson's top market in South East Asia.

With this new company status Ericsson will be able to include managed services that can help operators reduce their operational expenditures and launch new services to meet growing consumer demand, Jan Signell, president of Ericsson South East Asia, said.

Addressing the press conference Arun Bansal, country manager of Ericsson Bangladesh, said partnership with local telecoms companies will also be enhanced towards the development of Bangladeshi telecoms industry.

Ericsson is one of the largest telecoms equipment producers in the world. In 2005, Ericsson's net sells stood at $ 20.2 billion and at the same time the company made a net profit $ 4.4 billion.