Bangladesh will formulate a policy in six months to develop the country's automobile sector, the commerce minister said.
Tipu Munshi said Bangladesh encourages Indian entrepreneurs to set up plants here and manufacture vehicles, tyres and other components.
“Within the next four to six months we will have a four-wheeler vehicle manufacturing policy for the automobile industry," said Munshi, adding, "A draft of the policy has already been prepared.”
He was addressing the inaugural session of a second four-day “Indo-Bangla Automotive Show” organised by India's automotive industry body, the Society of Indian Automobile Manufacturers (Siam), in collaboration with the Automotive Component Manufacturers Association of India (ACMA) on Friday.
This year's theme in Bangla is “Pragatir pathe ekshaathe” which translates as “moving together on the road to progress”.
Adarsh Swaika, the acting high commissioner of India in Dhaka, pointed out that Indian products were accepted in global markets, especially in developing countries.
“Small cars from India will resolve traffic issues in Bangladesh," he added.
Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority (Bida), said Bangladesh's automotive industry was being supported by its Indian counterpart in its growth and development.
He said the government was also encouraging the private entrepreneurs to step forward and invest in the country's automobile sector.
Sugato Sen, deputy director general of Siam, and Sushant Naik, vice president of TATA Motors, also spoke on the occasion. Key Indian automobile manufacturers such as Ashok Leyland, Bajaj Auto, Eicher Motors, Force Motors, Hero MotoCorp, Mahindra & Mahindra, Maruti-Suzuki, SML Isuzu, TATA Motors, TVS Motors, and their Bangladeshi partners like Aftab Autos, Ifad Autos, Karnaphuli, Niloy Motors, Nitol Motors, Rancon Auto, Rangs Motors, Runner Motors, TVS Auto Bangladesh and Uttara Motors are taking part in the event.
Besides representatives of 35 Indian component manufacturers, tyre makers, oil and lube companies and organisations like the International Centre for Automotive Technology are participating.
Moreover, a high-level Indian delegation including senior automotive industry leaders will meet government officials in Bangladesh as part of the event.