Need proper policies for electric vehicle industry

As the electric vehicle market is expanding in Bangladesh, there should be proper policies in place to attract foreign investment for the sector, according to industry people.

The automobile industry in Bangladesh is growing and as a result, so too is the potential for manufacturing electric cars in the country.

So, the sector requires huge amounts of foreign investment to make use of this opportunity, they said.

These comments came during discussion on "Investing in the Future of Manufacturing: Opportunities in Automobile & Hi-tech Manufacturing in Bangladesh", at the Bangladesh Business Summit yesterday.

The three-day event that began on Saturday earlier this week was organised by the Federation of Bangladesh Chambers of Commerce and Industry in association with the government at the Bangabandhu International Convention Centre Dhaka.

The summit, which featured around 200 foreign investors, business leaders and ministers, aimed to promote trade and investment in Bangladesh by showcasing the potential and capacities of local businesses.

Abdul Matlub Ahmad, chairman of Nitol-Niloy Group, said the popularity of electric vehicles will soon boom in the country.

''So, apart from developing the domestic market for electric cars, there is a possibility to do well in the export market as well," he added.

Ahmed then said electric tractors and two-wheelers have already entered the domestic market.

"But we are a bit late in this regard as the government is still trying to make policies to popularise the electric vehicle sector among investors," he added.

Hafizur Rahman Khan, chairman of Runner Group, said the automobile policy is now under formulation.

"As the situation has started to change, investors have to come forward now," he added.

Rahman went on to say that in terms of battery technology used in the country's automobile industry, the transition from lead acid batteries to lithium-ion batteries is still ongoing.

"But this is not the end. If any advanced technology comes after this, we have to work with that too," he said.

Yasir Azman, CEO of Grameenphone, said digital connectivity was discussed in the mid-nineties while the concept of digital Bangladesh was established in 2008. Now, the topic on hand is the idea of "Smart Bangladesh".

"The important matter here is connectivity and that is why a lot of investment has come to the country," he added.

Prasad Palsokar, managing director of Siemens Bangladesh, said automobiles were once all about engineering.

"While it was especially considered as a mechanical part, nowadays the automobile and hi-tech sectors are merging," he added.