Mitsubishi Motors Corporation, a leading Japanese multinational automotive manufacturer, will invest in Bangladesh local automobile sector.
Mitsubishi Motor Corporation will assist the state-owned company of Pragati Industries Limited in producing the latter’s own brand.
The Mitsubishi brand expressed its interest to invest in the production of buses, trucks, pickups and motorcycles in collaboration with Pragati Industries.
A delegation led by Mitsubishi Motor Corporation Vice President Tatsuo Sato conveyed their interest during a meeting with Industry Minister Nurul Majid Mahmud Humayun at the Ministry of Industry office in the city on Wednesday.
Japanese delegation said the automobile industry has huge potential in Bangladesh.
They said, “If we can develop automobile industry, it will not only increase employment but also it will expand the backward linkage by decreasing the number of car imports”
They emphasised on developing an investment-friendly automobile industry strategy to increase foreign investment in this sector.
Highlighting a long-standing business relationship between Mitsubishi and Pragati Industries, they said the two companies are jointly building Pajero Sports CR-45 and L-200 microbuses.
They noted that Mitsubishi is keen to produce new automobiles in collaboration with the state-own company to strengthen business ties.
Industry Minister Nurul Majid Mahmud Humayun said, “The government is providing all kinds of policy support to develop the automobile industry as per the Prime Minister Sheikh Hasina's declaration to create jobs for all unemployed people.”
He mentioned, “A draft automobile industry policy has already been formulated to increase domestic and foreign investment in this industry.”
He welcomed all stakeholders to give suggestions to make this policy entrepreneurial and investment-friendly.
The Mitsubishi Corporation may also give their opinion on the matter, he said, calling upon the delegation to provide written opinion on the draft policy.
At the meeting, Humayun thanked Mitsubishi Corporation for technical assistance in the production of domestic brand automobiles.
He stressed the continued development of the product diversification program in the joint-partnership of Pragati and Mitsubishi.
Additional Secretary of the Ministry of Industry Begum Parag, Bangladesh Steel and Engineering Corporation Chairman Sheikh Md Mizanur Rahman, Managing Director of Pragati Industries Md Touhiduzzaman, Mitsubishi delegation member Shafi Tanveer and Yasuhiko Ueda, and Second Secretary of the Japanese Embassy in Bangladesh Yuko Asano were also present on the occasion.