Japanese automaker Honda has opened a new factory in Bangladesh aiming to double the production of motorcycles in the country.
Honda built the factory in the central district of Munshiganj with an investment of about 28 million dollars.
Officials from the Bangladeshi government and representatives from Honda attended an opening ceremony on Sunday.
Honda plans to produce more than 200,000 motorcycles annually by 2021. The company says it aims to expand its share of the market in the country from the current 10 percent to 30 percent or more.
Sales of motorcycles have doubled over the past 4 years in Bangladesh due to rapid economic growth. Sales are expected to continue to soar.
Managing Director and CEO of Bangladesh Honda, Yuichiro Ishii, says the country with a population of 160 million has huge potential. He says his firm wants to gain the top share in the motorcycle market.