Pragati 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 be finalized very soon. In the light of this policy, the opportunity to provide technical assistance to Japan in the automobile industry will be opened, said Industries Minister Nurul Majid Mahmud Humayun. He also mentioned, “the ministry was working to produce Bangladesh's own brand of motor vehicles. “
The Industries Minister made the remarks during a meeting with the Japanese Ambassador on Monday. The meeting was held at the Ministry of Industry. Officials from the Ministry of Industry and the Embassy of Japan were present.
The meeting discussed Japanese investment in Bangladesh's industrial sector, the industry ministry said in a statement. At this time, Japan provided technical assistance for the production of its own brand of motor vehicles, formulation of National Industrial Policy 2021 and creation of an industrial database, modernization of the motorcycle industry, development of the automobile and light engineering-related industries or vendor industries in Bangladesh, the establishment of motorcycle certification and automotive. Other issues of mutual interest, including technical cooperation, were discussed.
The Industries Minister said Japan has been providing technical assistance to BCIC fertilizer factories for a long time. Japan is also actively involved in the construction of Ghorashal-Polash Urea Fertilizer Factory. He called on the Japanese ambassador to come forward to invest in the modernization of state-owned sugar mills, setting up of agro-based industries, processing of agricultural products and food, development of light engineering industries, and vendor development for small and medium industries.
The Japanese ambassador said other automobile industry entrepreneurs, including Mitsubishi Corporation of Japan, are keen to increase investment in Bangladesh. He mentioned that Japan will provide technical assistance in the production of Bangladesh's own brand automobiles. He opined that a reasonable amount of motorcycle registration fees should be fixed for the development of the motorcycle industry in Bangladesh.
The ambassador emphasized increasing tax incentives, adequate land allocation, and other opportunities to increase Japanese investment. He said the industry ministry's timely action plan for other industries, including the automobile industry, would make a significant contribution to attracting foreign investment.