BANGLADESH

Indian businesses urged to invest in auto components

 Indian businesses urged  investing in Bangladesh as a potential hub for manufacturing automobile components.
“The government promotes light engineering sector as part of industrial policy. We hope, Indian businesses will invest in the sector to strengthen the bilateral relationship,” State Minister for Industries Kamal Ahmed Majumder said on Thursday.
The state minister inaugurated the ‘India Bangladesh Auto Component Show’ as chief guest at Intercontinental Dhaka.
Automotive Component Manufacturers Association of India (ACMA) organised the summit in Association with Bangladesh Automobiles Assemblers and Manufacturers Association (BAAMA).
“From Bitac, we set up training centers across the country to develop skilled workforce for the sector,” added Kamal Majumdar.
India-Bangladesh Chamber of Commerce and Industry (IBCCI) President Abdul Matlub Ahmad said ” Hon’ble Prime Minister declared 2020 as the Year of Light Engineering. She hoped that we would produce auto components in the country and export them to meet our demand. But we couldn’t do that because of Covid situation”
“The local market size of automobile spare parts is around Tk 10 billion. “Around 95 percent spare parts are imported. Of which 42 percent are used for the commercial vehicles. We welcome Indian businesses to invest in the light engineering sector to leverage the potential of the Bangladesh market,” he added.
Matlub Ahmad informed that Bangladesh Investment Development Authority and Automobile Assembling and Manufacturing Association (BAAMA) will host an international investment summit in Dhaka in October.
“Next October we will have an international auto component show in Bangladesh. That is the purpose of today’s event. In that show we will be able to show our abilities”. He further said that “very soon we will make cars locally in the country. India will jointly manufacture this car with Bangladesh and will export it abroad after meeting the demand of the country “.
Indian High Commissioner Vikram Kumar Doraiswami was a guest of honor while ACMA Director General Vinnie Mehta conducted the session.
High Commissioner of India Vikram Doraiswami said the automobile industry is the driving force for the economy supporting the people and logistic transport. “The business relationship is growing. Today India, Bangladesh is key trade partners. Export from Bangladesh to India is almost double in last financial year. This is a positive trend. In the next fifty years, we want to transform our bilateral relationship in business to business segment to address vast area of opportunities,” he said.
Indian businesses urged to invest in auto components
The envoy appreciated Bangladesh’s role is formulating policy for automobile industries to lead the country investment destination in the future.

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