Bangladesh is on the way to manufacturing several brands of vehicles which include cars, buses and spare parts. Such manufacturing will enable the local markets to grow and rely less on foreign imported products. At present, the vehicle and transport market comprising mainly imported reconditioned cars is quite a lucrative business for many people.
Over the years, the import of cars has become a very profitable business and many are engaged in it. With local manufacturing, we believe that the import of such vehicles will be lessened along with the import of spares. A large amount of money goes abroad because of importing foreign products, cars and spares.
We hope, necessary procedures
will be followed in creating a
policy that will
be long lasting and prove to be beneficial for us
According to a report published in this daily, Mitsubishi Corporation of Japan in collaboration with domestic Pragoti Industries Limited has announced plans to manufacture cars in the country. Also, automobile giant Toyota has expressed interest to invest in the sector. We believe that long term policy is needed to encourage automakers to invest in Bangladesh.
When such corporations take an interest in investing in the country, we should make things easier for them to invest and rise together with the country’s economy.
It is encouraging to know that the market for commercial vehicles is around Tk 5,000 crore, whereas it was about Tk 2,000 crore a decade ago. We believe that with investment from foreign corporations, we will be able to go for manufacturing world famous automobiles in the near future.
Experts opine that many investors from Japan and China have shown interest in investing in the special economic zones of Bangladesh. We hope, necessary procedures will be followed in creating a policy that will be long lasting and prove to be beneficial for us.