In a significant step towards reducing dependency on imported second-hand cars, the South Korean Ambassador to Bangladesh, Park Young-sik, expressed the need to encourage the local automobile manufacturing industry. During his visit to the Fair Technology-Hyundai factory at the Bangabandhu Hi-Tech Park in Gazipur, he emphasized the environmental benefits of domestically made cars.
This marks a pivotal moment for Bangladesh, aligning with the global trend of promoting sustainable and locally produced vehicles.
Encouraging Domestic Manufacturing for Sustainability
Ambassador Park Young-sik underscored the importance of boosting the local automobile manufacturing sector, envisioning a future where Bangladesh produces its own vehicles. This aligns with global sustainability goals and contributes to the country’s economic independence.
Emphasizing the positive environmental impact, the Ambassador suggested that Bangladesh could follow the example of some developing countries like Mongolia and Laos by imposing a ban on importing old cars.
A Glimpse into Bangladesh’s Automotive Future
The Ambassador’s visit to the Fair Technology-Hyundai factory provided insights into Bangladesh’s preparation for graduation from the Least Developed Countries (LDC) group.
The car manufacturing plant is a unique example of the nation’s commitment to advancing its industrial capabilities. The Ambassador commended the efforts and innovation showcased at the plant, seeing it as a crucial step in Bangladesh’s journey towards self-reliance.
Call for an Improved Investment Environment
While acknowledging the progress made, Ambassador Park Young-sik highlighted the need for continuous improvement in the investment environment. He specifically suggested refining the taxation system to attract more foreign and domestic investments.
Creating a business-friendly atmosphere with favorable policies is essential for sustaining growth in the automotive manufacturing sector and beyond.
Fair Group’s Aspirations: From Assembly to Export
Ruhul Alam Al Mahbub, the Founder and Chairman of Fair Group, shared the current achievements and future aspirations of the Fair Technology-Hyundai factory. Currently, the plant assembles 150 Hyundai cars per month, with ambitious plans to deliver 6000 cars to the Bangladesh domestic market in the coming year.
The Chairman also unveiled the group’s vision to export locally manufactured cars, positioning Bangladesh as a potential player in the global automotive market.
A Roadmap for Bangladesh’s Automotive Industry
As Bangladesh strides towards autonomy in its automotive sector, focusing on domestic manufacturing opens avenues for economic growth, job creation, and environmental sustainability. The synergy between diplomatic advocacy and industrial innovation marks a promising chapter in Bangladesh’s journey towards becoming a key player in the global automotive landscape.
