It goes without saying that as Bangladesh looks to graduate from a least developed country (LDC) in the next couple of years, there will arise many new challenges, for which we will have to fortify our economy in a myriad of ways. Among the most pressing needs for Bangladesh has been the need for not only attracting foreign investment, but developing industries which will add to our currently very limited export basket.
To that end, it is very encouraging to learn that investments of around Tk2,500 crore have been made in the automobile industry in the past two and half years since the formulation of the Automobile Industry Development Policy 2021.
There is cause for further encouragement from the fact that South Korean automotive manufacturer Hyundai and Malaysia's Proton have made investments, alongside local companies. This is the perfect opportunity for our local companies to collaborate with and learn from these international giants in the automobile industry, leading to future dividends.
It has also been good to see the systematic approach currently being undertaken by the authorities concerned; currently, there is more emphasis on motorcycle manufacturing alongside assembly work for three-wheelers and four-wheelers.
It is key that we continue to not only learn and grow in what is a very novel avenue for us, but simultaneously take a pro-active approach in equipping those who will be needed to work in this growing sector with the appropriate skills, so that we do not need to rely on workers from abroad.
Bangladesh looking to develop an automobile industry is certainly a step in the right direction, and with proper planning and policy implementation, this could be the beginning of a new industry that could rival our RMG industry with regard to foreign interest.