As the local electric vehicle market expands, proper policies should be enacted to attract foreign investment for the sector, said industry insiders.
The sector requires huge amounts of foreign investment to make use of this opportunity, they also said.
They made the remarks during a discussion on "Investing in the Future of Manufacturing: Opportunities in Automobile & Hi-tech Manufacturing in Bangladesh" at the closing day of the Bangladesh Business Summit on Monday.
Abdul Matlub Ahmad, chairman of Nitol-Niloy Group, said the popularity of electric vehicles will soon boom in the country.
'Apart from developing the domestic market for electric cars, there is a possibility to do well in the export market as well, he added.
Ahmed then said electric tractors and two-wheelers have already entered the domestic market.
"But we are a bit late in this regard as the government is still trying to make policies to popularize the electric vehicle sector among investors," he added.
Hafizur Rahman Khan, chairman of Runner Group, said the automobile policy is now under formulation.
"As the situation has started to change, investors have to come forward now," he added.
Rahman went on to say that in terms of battery technology used in the country's automobile industry, the transition from lead acid batteries to lithium-ion batteries is still ongoing.
Prasad Palsokar, managing director of Siemens Bangladesh, said automobiles were once all about engineering.
"While it was especially considered as a mechanical part, nowadays the automobile and hi-tech sectors are merging," he added.