Mitsubishi Motors to make Mirage cars in Bangladesh
Mitsubishi to make Mirage cars in Bangladesh
Plans to invest Tk 400cr
Japan's Mitsubishi Motors Corporation plans to set up a manufacturing unit in Bangladesh to produce sedan cars for the local market.
The company will set up the unit under a public-private partnership (PPP), with an initial investment of Tk 400 crore, Masahiko Ueki, Mitsubishi's corporate general manager, said yesterday during his meeting with Industries Minister Dilip Barua.
The production of the car, Mirage Sedan, in Bangladesh will create employment and value addition, said Ueki, while adding that the price of the vehicle would not exceed Tk 15 lakh.
He also suggested the government reshuffle the duty structure, particularly on the imports of completely knocked-down cars (CKD).
“Now, the duty rates on the CKD and CBU [completely built unit] are the same,” Ueki said.
Barua said people's purchasing power is increasing because of the government's co-ordinated financial policy.
“As a result, car ownership is increasing. Bangladesh is now a lucrative market for the automobile industry.”
Romo Rouf Chowdhury, managing director of Rangs Ltd, the sole distributor of Mitsubishi vehicles in Bangladesh, was also present at the meeting.
Earlier on Wednesday, Rangs launched Mitsubishi's latest fuel-efficient, compact vehicle -- Mirage -- targeting the country's growing middle-class population.