Consistent policy support needed to nurture automobile industry
Experts say at DCCI webinar
Bangladesh’s automobile industry is dominated by reconditioned and new car imports mostly from Japan, China, India, the EU, and the US. Photo: star/file
Policy support, tax benefits, and incentives are needed to help develop the country s automobile industry, according to experts and entrepreneurs. Bangladesh has strong potential to establish its own automobile industry but to do so, it needs policy support, tax benefits and incentives to grow, said Ito Naoki, Japan s ambassador to Bangladesh. When we talk about export diversification, the automobile, light engineering and agriculture-based sectors could play a vital role, he added.
Sri Lanka, Denmark keen to produce beverage in Bangladesh
Sri Lanka and Denmark have expressed keenness to produce beverage products in Bangladesh.
The information was reveled today at an inter-ministerial meeting for reviewing the progress of ‘Bangladesh Beverage Project’ at Industries Ministry in the city, said a press release.
Industries Minister Nurul Majid Mahmud Humayun presided over the meeting while Commerce Minister Tipu Munshi and State Minister for Industries Kamal Ahmed Mojumder were present on the occasion.
Industries Secretary KM Ali Azam moderated the meeting.
CEO of the Sri Lankan Lion Brewery (Ceylon) PLC Bob Kundanmal and Director of the Carlsberg Group Peter Steenberg joined the meeting virtually.
Sri Lanka, Denmark keen to produce beverage in Bangladesh
BSS
Sri Lanka and Denmark have expressed keenness to produce beverage products in Bangladesh.
The information was reveled today at an inter-ministerial meeting for reviewing the progress of ‘Bangladesh Beverage Project’ at Industries Ministry in the city, said a press release.
Industries Minister Nurul Majid Mahmud Humayun presided over the meeting while Commerce Minister Tipu Munshi and State Minister for Industries Kamal Ahmed Mojumder were present on the occasion.
Industries Secretary KM Ali Azam moderated the meeting.
CEO of the Sri Lankan Lion Brewery (Ceylon) PLC Bob Kundanmal and Director of the Carlsberg Group Peter Steenberg joined the meeting virtually.
A brief look at the auto industry in Bangladesh
Photo: Akif Hamid
The rapid growth of our economy and people s purchasing power has seen a rise in demand for personal transport. People are buying more cars and motorcycles than ever before, being able to pay their way through the duty inflated prices. To support this higher demand, more and more transport manufacturers have set up or setting up plants for local production. We have analysed both industries to see their current state and what the future holds for them.
Starting with four wheels, the car market in Bangladesh is small compared to many of our neighboring countries. Bangladesh s automobile density the number of vehicles per unit length of the roadway is as low as 0.5 percent, compared to the global average of 12 percent. Data from Bangladesh Road Transport Authority (BRTA) shows that there are a total of 4,471,625 registered vehicles in the country, of which only 370,519 are registered as Private Passenger Car foll
Proposed industrial policy aims at skills uplift
May set target to boost sector’s GDP contribution by 5 percentage points
Over the past three decades, the industrial sector’s contribution to economy has increased due to the expansion of export-oriented sectors, particularly garments. Star/file Star Business Report Star Business Report
The upcoming industrial policy will set a target to increase the industrial sector s economic contribution from the existing 35 per cent to 40 per cent of the country s gross domestic product, according to a draft industrial policy.
The new policy is expected to focus on the IT sector in order to help industries improve their efficiency and productivity, it said.