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Editorial

Cabinet nods policy to promote auto industry

Adopt a comprehensive policy to support manufacturing of automobiles


Bangladeshpost
Published : 15 Jun 2021 08:25 PM | Updated : 16 Jun 2021 12:48 AM

In order to be a more self-reliant nation, the government has taken various time befitting measures over the past yeras. In that continuity, the government wants to boost the industrial sector and recently Cabinet has approved draft of Automobile Industry Development Policy-2021.

More industry means more development. We need to develop the automobile industry for our own interest amid the growing demand. 

The main objective of the policy is to develop the local industry by ensuring competency in automobile engineering and necessary facilities for the production of automobiles and parts. 


New industry will create employment 

opportunities for more people 


This initiative will decrease our dependency on imports, which will lead to a balance of payments surplus. New industry will create employment opportunities for more people and will propel the country towards a much stronger GDP per capita income.

Another objective of the policy is to enhance scopes for cooperation and joint investment between local automobile industries with international automobile brands so that the products of famous brands and models can be produced here at cheaper costs.

Government needs to motivate the local enterprises in this industry. To do that, standard cars in the local market should be made available at a cheaper rate. This can be done if standard cars are available at a cheaper rate in the local market. Price of brand-new cars should come down at Tk 400,000-500,000, which will be within the reach of common people. Other maintenance costs should also be less. To achieve that, government must safeguard waiver of tax duties of rudimentary raw materials for cars and their mechanisms.