Mitsubishi Motors Corporation on Wednesday assured the industries that the Japanese company would assist Pragati Industries Limited in manufacturing own brand motor vehicles.
The corporation also expressed interest to invest in joint production of bus, truck, pick-up and motor car of Mitsubishi brand with the state-run Pragati.
Mitsubishi Motors Corporation vice-president Tatsuo Sato made the proposals to industries minister Nurul Majid Mahmud Humayun at a meeting held industries ministry.
They also discussed about the possible investment of the corporation in the automobile sector in Bangladesh and formation of an integrated automobile policy.
Mitsubishi delegation said that there was a bright potential of automobile sector in the country. There are also prospects to manufacture import-substitute motor vehicles and expand of backward linkage industries.
They emphasised the need for formulating a coordinated and investment-friendly policy for attracting more foreign investment in the sector, according to a press release of the ministry.
Currently, Mitsubishi assembles Pajero Sports CR-45 and L-200 microbus jointly with Pragati in Bangladesh.
At the meeting, industries minister said that the ministry had already framed the draft of automobile industry policy to increase local and foreign investment in the sector.
He also advised Mitsubishi to provide their opinion on the draft policy as the government was now taking opinion of stakeholders.
Industries ministry additional secretary Parag, Bangladesh Steel and Engineering Corporation chairman Sheikh Md Mizanur Rahman, Pragati Industries Ltd managing director Md Towhiduzzaman, members of the Mitsubishi delegation Shafi Tanveer, Yasuhiko Ueda and Japan embassy in Bangladesh second secretary Yuko Asano, among others, attended the meeting.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Trade & Commerce