A REPORT published in this newspaper on Tuesday said UAE-based Bangladeshi auto parts traders and auto service providers are planning to invest in fast-growing automotive industry of Bangladesh. In Particular, they are interested in setting up automobile parts manufacturing plants where at present the turnout is around US$4.42 billion. Obviously it’s a news of hope when we hear (non-resident Bangladeshis) NRB’s are showing interest in investing their hard-earned money in their motherland. Usually, we hear negative news about laundering thousands of crores of taka from Bangladesh to other foreign countries. But these NRBs want to invest in Bangladesh and that’s the difference they have shown interest in making.
The NRBs dominate the UAE’s automotive aftermarket sector and are involved in imports, wholesale, retail, servicing and re-export of the auto parts. Besides, many of them own auto electric service centres, garages. In this backdrop, their representatives recently met with the leaders of Bangladesh Automobiles Assemblers and Manufacturers Association to discuss the issue. Earlier, the Bangladesh Investment Development Authority with the cooperation of a top-level private business delegation had invited the NRBs to invest in Bangladesh’s automobile sector during Dubai Expo-2020. According to a research report, the annual automobile market in Bangladesh is around US$2.35 billion while the annual parts and components market is estimated to be more than US$2.05 billion.
More than 4.7 million vehicles are currently registered in Bangladesh of which more than 60 per cent are Japanese brands while Indian brands represent 25 per cent. We must say, Bangladesh should not lose scope in this era of industrialisation. To achieve the desired goal of economic development, there is no other alternative before Bangladesh but to invest in its own automobile industry. It will not only make the economy stronger but also help make the graduation to a developing country smooth. The authorities should make all efforts so that the interest shown by the UAE-based NRBs do not evaporate due to bureaucratic tangles and corruption.
