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Bangladesh is set to make a historic move towards self-sufficiency in the automobile industry as it prepared to launch its first-ever locally-made vehicle in 2021.
The country has gradually developed its automotive sector in recent years, introducing several international brands and establishing local assembling plants. However, launching the first locally manufactured car marks a significant milestone for the country's economy and automotive industry.
The Emergence Of Bangladesh's Automobile Industry
Over the past decade, Bangladesh has seen a surge in automobiles on its roads, primarily due to a growing middle class and increasing urbanization. The country's automobile market has traditionally been dominated by imported vehicles, with limited local manufacturing.
However, the government's push for import substitution and economic development has led to the emergence of local assembling plants, which have helped to reduce the cost of imported vehicles.
The Need For Local Manufacturing
Bangladesh is one of the most densely populated countries in the world, with over 160 million people. Most of the population is middle- and lower-income, who often cannot afford imported vehicles.
As a result, the demand for affordable, locally manufactured vehicles is high. Local manufacturing would also create employment opportunities, boost the economy, and reduce the country's reliance on imported vehicles.
The First Locally Made Vehicle
Bangladesh’s first locally made vehicle is a three-wheeler, developed by state-owned company Pragoti Industries Limited. The vehicle is powered by a 200cc engine with a maximum speed of 60 kilometers per hour.
The car has been designed to cater to the local market’s needs and is expected to be priced at around BDT 400,000 (USD 4,700). The company plans to produce 500 units per month, with the capacity to increase production to 1,000 units per month.
Challenges Faced By The Automobile Industry In Bangladesh
The automobile industry in Bangladesh is still in its infancy and faces several challenges. The need for more infrastructure, skilled labor, and technology are some of the major obstacles the industry faces. Additionally, high import duties, taxes, and other regulatory barriers make it difficult for local manufacturers to compete with imported vehicles. However, the government has taken several steps to address these challenges and promote the industry’s growth.
Future Of The Automobile Industry In Bangladesh
Launching the first locally made vehicle in Bangladesh is a significant step towards the country's self-sufficiency in the automobile industry. The government's continued support for local manufacturing and import substitution is expected to boost the industry’s growth in the coming years.
The automobile sector is also expected to create employment opportunities, boost exports, and contribute to the overall development of the economy.
Launching the first locally made vehicle in Bangladesh marks a significant milestone for the country's automobile industry and economic development. The development of the local automotive sector is expected to create employment opportunities, boost exports, and reduce the country's reliance on imported vehicles.
While the industry still faces several challenges, the government's support and initiatives are expected to drive growth and innovation in the sector.