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Mitsubishi to invest $100m in Bangladesh

A three-member delegation of the company has visited Bangladesh at BIDA’s invitation

Mitsubishi Motors Corporation—a Japanese multinational automotive manufacturer—has been keen on investing in Bangladesh to support the country’s industrialization and motorization.

A three-member delegation of the company—part of the larger Mitsubishi Group—met with Commerce Minister Tipu Munshi, the National Board of Revenue Chairman Md Mosharraf Hossain Bhuiyan, and Bangladesh Economic Zones Authority Executive Chairman Paban Chowdhury. They  discussed investment angles to develop an automotive industry in Bangladesh on Wednesday.

The delegation—headed by Ryujiro Kobashi, vice president and division general manager for South Asia, Middle East, Africa, and Europe—arrived in Bangladesh on May 14 at the  invitation of the Bangladesh Investment Development Authority (BIDA), reports UNB

The other delegates are Junichi Sabanai, general manager of Production Engineering Division; and Yasuhiko Ueda, assistant to the general manager.

According to a press release issued on Thursday, they will leave the country on Friday.

“Mitsubishi Motors wants to support the motorization and industrialization of Bangladesh. I am visiting Bangladesh this time to discuss this with the honourable members of the Bangladesh government,” Ryujiro Kobashi said.

BIDA Executive Chairman Kazi M Aminul Islam said the market size for automobiles in Bangladesh is going to catch up to its rapid economic growth and people’s higher income.

He added: “To our overall stability, high profitability, and flexible labour market, Bangladesh is offering the best incentives. Every year 2.3 million young Bangladeshis enter the job market. We want them to be introduced to high-value and technology-based manufacturing.”

Aminul thanked the Japanese Ambassador to Bangladesh, Hiroyasu Izumi, for his role in making Japanese investment in Bangladesh take the form of foreign direct investment – as opposed to official development assistance.

On Wednesday, the Mitsubishi delegation, accompanied by BIDA officials, visited the Mirsarai Economic Zone in Chittagong and also stopped by at the premises of Pragoti Industries in Sitakunda, where Mitsubishi’s “Pajero Sport” has been assembled for a number of years.

Source: Dhaka Tribune

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