According to the minister, Pragati Industries Limited, the state-owned firm, will start production of automobiles by the Japanese company Mitsubishi with technical assistance.
Nurul Majid also said that in a meeting, Ito Naoki, a Japanese ambassador, told him that automotive entrepreneurs in East Asia, including Mitsubishi Corporation “are interested in increasing investments in Bangladesh”
“He (Ito Naoki) also said Japan would provide technical assistance for Bangladesh’s own engine brand. He also offered Bangladesh to support the development of car and light engineering suppliers and the establishment of an Institute for Testing and Research in Bangladesh, “he added.
A timely action plan for automobile and other industries has already been formulated by the Ministry of Industries in the country. “When it attracts foreign direct investment ( FDI), this Action Plan will play an important role,” Nurul Majid said.
On the advantages of domestic automotive production, he said that for end-users foreign automobiles cost a lot more because of import duties in this country which are quite high.
“Whether produced in this country, the price of a car will drop. People can buy it at affordable prices. There will also be no shortage of buyers when the country produces its own automobile brand,” he said.
“If this industry is developed to utilize it, the chance to export motor cars or motorbikes to the world market will also be creating after domestic demand,” said the Minister. The minister also described the youth of the country as “an innovative workforce.