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$250m Annual Battery export Eyed by 2024

Published : 19 Apr 2019 01:34 AM | Updated : 21 Sep 2021 04:30 PM

Battery manufacturers of the country have set a target to raise their annual export to  US$250 million over the next five years from the current amount of $57 million. The target was communicated to the government by the Accumulator Battery  Manufacturers and exporters Association of Bangladesh  (ABMEAB)  while placing their national budget-related proposals to the National Board of Revenue (NBR). A B M E A B officials said they are currently l exporting their batteries to over70  countries across the globe while regular exports are made to   51countries  after meeting the internal demands.

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Those countries include the USA, the UK, Japan, India, Indonesia, Malaysia, European nations, Middle-east countries, Nepal, Sri Lanka, and Singapore. Calling upon the revenue board for keeping the current tax ratio on battery import unchanged, they said the battery industry has been a very potential sector for export-oriented products as it avails of the government's policy support. Currently, there are 25 percent import duty, 20 percent supplementary duty, and 3 percent regulatory duty on import batteries.

Claiming that the battery factories have employed about 100,000people directly and indirectly across the country, the ABMEAB said they have introduced a new advanced technology --Sealed maintenance-free (SMF)—in the battery manufacturing which now enjoys the status of the light engineering sector.

SMF battery is now being used by hybrid motor vehicles, said the battery industry operators noting that some 21 battery industries are now producing such products.“Currently, our value addition is50 percent. If the industry receives incentives, the rate of value addition would be higher,” Munawar Misbah     Moin,   president of ABMEAB, told media.

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He said the local battery industry is capable to expand more by creating more jobs if the current structure of taxation remains unchanged. Describing the local battery industry's position as strong, he said the introduction of hybrid cars has created a new opportunity for the local battery industries to grow further as the local manufacturers have continued their efforts in research and development (RND)to cater to the global market. According to the battery industry insiders, local manufacturers have been supplying all kinds of accumulator batteries to different sectors, including industries, railway, motor vehicles, electric vehicles, telecommunication operators, ships, motor launches, solar power, submarine,IPS, UPS, and generators.

There is a battery market of Tk8,000 crore and most of which is supplied by local producers, said an official of the local battery industry.