Auto fair set for an upbeat start
The local auto market, apparently untouched by the ongoing global meltdown, is confident about soaring sales at the four-day motor show, scheduled to begin on Wednesday in Dhaka.
Conference and Exhibition Management Services Ltd (CEMS), an exhibition organiser, is expecting more than 70 companies, including new car importers and automotive component sellers, to take part in the "Lucas Dhaka Motor Show-2009".
Even when auto giants from the US and EU went down one after another due to the global economic recession, Bangladesh's auto market still shines. Last year, the import of used and new cars went up significantly to a total of 20,000, from the usual yearly imports of 15,000.
"The US, EU and even India have faced the ongoing global economic crisis. But Bangladesh is still far from the bad impacts," said Kazi Javed Islam, general manager of Rahimafrooz, a local automotive components manufacturer.
Echoing him, Yamin Sharif, another official from Rahimafrooz, said the number of cars registered with Bangladesh Road Transport Authority (BRTA) increased by 44 percent in 2008, proving the positive impact of the global recession in Bangladesh.
Rahimafrooz is the title sponsor of the exhibition.
Industry insiders said Bangladeshi importers can import cars at a low price because it mainly imports cars from Japan, one of the recession-hit economies.
However, Islam said the global meltdown may hit the local car market if the garments industry is badly affected and remittance inflow decreases. These two sectors are the main buyers of imported cars.
The fourth CEMS motor show will mainly showcase brand new cars and automotive components.
Meherun N Islam, managing director of CEMS, said CEMS is organising the show year after year to provide know-how on the latest innovation in the auto sector.