Industries Minister Nurul Majid Mahmud Humayun has requested Japan to provide necessary supports to Bangladesh in manufacturing automobiles of its own brand.
The minister said, "Progoti Industries, a state-owned company, wants to manufacture its own automobiles with the help of Mitsubishi Corporation of Japan."
The industries minister made the remarks on Monday at his office during a bilateral meeting with Japanese Ambassador to Dhaka ITO Naoki.
The officials from the Ministry of Industry and the Embassy of Japan attended the meeting, according to a press release.
The minister said, "The Automobile Industry Development Policy 2020 will be finalised very soon. It will open up opportunities for technical assistance from foreign companies in the sector."
The meeting further discussed issues related to creation of industrial database, modernisation of motorcycle industry, and development of vendor industry related to automobile and light engineering industries in Bangladesh, read the press release.
Japan has primarily issued it approval to set up an automobile testing and research institute for motorcycle certification and to provide technical assistance in setting up an industrial university, the press release said.
The minister said, "Japanese entrepreneurs have important contributions to the socio-economic development and industrialisation of Bangladesh. And Japan has been providing technical assistance to the country's fertiliser factories for a long time."
Nurul Majid Mahmud Humayun also drew attention of the Japanese ambassador to invest in modernisation of state-owned sugar mills, setting up of agro-based industries, processing of agricultural products and food, development of light engineering industries and the development of vendors for small and medium enterprises.
The ambassador then said Japanese automobile entrepreneurs are interested in increasing investment in Bangladesh.
He also assured that Japan will provide technical assistance in the production of Bangladesh's own automobile brand.
ITO Naoki also suggested setting up a reasonable amount of registration fee for the development of the motorcycle industry.
He said, "Bilateral dialogue needs to be intensified to increase Japanese investment in Bangladesh. We need to work together to identify emerging sectors for investment."
To increase Japanese investment, the ambassador also stressed tax incentives, adequate land allocation and other opportunities.