The industries ministry has taken an initiative to reduce the interest rate on retail financing for motorcycle buyers to 9 per cent from the existing rate of 25 per cent, said a press release issued by the ministry on Monday.
It will also frame a roadmap to establish a supply chain network for the development of vendors in the local motorcycle industry with the help of the Japan International Cooperation Agency.
The decisions were taken at the second meeting of the coordination council formed to implement the Motorcycle Industry Development Policy-2018 held at the ministry conference room with industries minister Nurul Majid Mahmud Humayun in the chair.
The meeting also decided that the ministry would establish a modern automotive institute in the country.
At the meeting, motorcycle manufacturers demanded online registration of motorcycles with the Bangladesh Road Transport Authority.
They also demanded simplification of the process to avail consumer loans for motorcycle buyers.
In response to the demand, the ministry assured the businesspeople that steps would be taken in this regard, including ones to reduce the interest rate.
State minister for industries Kamal Ahmed Majumder, industries secretary Abdul Halim, SME Foundation managing director Md Shafiqul Islam, BSCIC chairman Md Mostaq Hassan, Bangladesh Steel and Engineering Corporation chairman Md Rois Uddin, BIDA executive member Md Kamrul Hasan and Bangladesh Motorcycle Assemblers and Manufacturers Association president Matiur Rahman, among others, were present at the meeting.
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