Wednesday, 25 May, 2022

Indian businesses urged to invest in auto components

  • Staff Correspondent
  • 24th February, 2022 03:05:35 PM
  • Print news

Indian businesses urged for investing in Bangladesh as a potential hub for manufacturing automobile components.

"The government promotes light engineering sector as part of indusdustrial 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 daylong 'India Bangladesh Automobile Component Show' as chief guest at Intercontinental Dhaka.

Indian High Commissioner Vikram Doraiswami was guest of honour on the occasion.

Automotive Component Manufacturers Association of India (ACMA) organised the daylong summit in Association with Bangladesh Automobiles Assemblers and Manufacturers Association (BAAMA).

"From Bitac, we setup training centres across the country to develop skilled workfoce for the sector," added Kamal.

High Commissioner of India Vikram Doraiswami said the automobile industry is driving force for the economy supporting the people and logistic transport.

"Some twenty Indian companies are participating in the show to learn the potential of Bangladesh automobile sector," he said.

The envoy hoped the political relationship of Bangladesh and India will transform to business relationship in next fifty years.

India-Bangladesh Chamber of Commerce and Industry (IBCCI) President Abdul Matlub Ahmad said 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 commercial vehicle. We welcome Indian businesses to invest in light engineering sector to leverage the potential of Bangladesh market," he said.

Matlub informed that Bangladesh Investment Development Authority and Automobile Assembling and Manufacturing Association (BAAMA) will host an international investment summit in Dhaka in October.

Bangladesh Investment Development Authority (BIDA) executive member Avijit Chowdhury and ACMA Director General Vinnie Mehta were also present on the occasion.