Pakistan's MG JW Automobile and Bangladesh's Rancon Group have signed a memorandum of understanding (MoU) for the export of vehicles from Pakistan to Bangladesh, according to a press release issued by the Pakistan High Commission in Dhaka.
Under the agreement, 100 vehicles will be exported to Bangladesh this year, according to Pakistan's Ministry of Industries and Production. Total exports are projected to reach 5,800 vehicles over the next four years.
The partnership is expected to expand the range of vehicles available in Bangladesh's market, promote competition, and provide consumers with more choices at competitive prices. It is also expected to strengthen economic cooperation between Pakistan and Bangladesh and encourage greater business-to-business collaboration, the release said.
Rancon Group Executive Director Muhammad Mostafizur Rashid Bhuiyan said the agreement would introduce greater competition in Bangladesh's automobile market while providing consumers with high-quality vehicles manufactured in Pakistan.
Pakistan's Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, welcomed the agreement and said such partnerships would strengthen trade and economic ties between Pakistan and Bangladesh and create new opportunities for cooperation between the private sectors of the two countries.
The signing ceremony was attended by senior officials of both companies, government representatives, and members of the business community, the release added.