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Industries Minister Nurul Majid Mahmud Humayun on Monday said the ministry is working to produce Bangladesh’s own brand motor vehicles, reports BSS.

“Pragoti Industries Limited, a state-owned company, will manufacture the automobiles with technical assistance from Mitsubishi Corporation of Japan. To this end, the Automobile Industry Development Policy 2020 will befinalized very soon. In the light of this policy, the opportunity to provide technical assistance to Japan in the automobile industry will be open,” he said.

The minister made the remarks during a meeting with Japanese Ambassador to Bangladesh Ito Naoki at the Industries Ministry conference room in the city, said a press release.

Additional Secretary of the Industries Ministry Begum Parag and officials of the Industries Ministry and the Embassy of Japan were present on the occasion.

During the meeting, they discussed on various bilateral issues, including Japanese investment in Bangladesh’s industrial sector.

Referring to Bangladesh’s historically friendly relations with Japan, Humayun said Japanese entrepreneurs are making significant contribution to Bangladesh’s socio-economic development and industrialization.

Ito Naoki said the far-sighted steps taken by Prime Minister Sheikh Hasina to tackle the coronavirous situation have created a positive investment climate in Bangladesh.

“Other automobile industry entrepreneurs, including Japan’s Mitsubishi Corporation, are keen to increase investment in Bangladesh,” he added. He mentioned that Japan will provide technical assistance for the production of Bangladesh’s own brand of automobiles.

He opined that in order to develop the motorcycle industry in Bangladesh, it is necessary to fix a reasonable amount of motorcycle registration fee. He said the proposal of the industry ministry to modernize state-owned sugar mills and diversify products in the sugar industry would be seriously considered.