Bangladesh is gearing up for the implementation of its inaugural automotive policy that will include clauses for local vehicle assembly and the localization of automotive parts, as per a media report from earlier today.
The policy entails a stepwise approach for the country moving from the import of Completely Builtup Units (CBUs) to the assembly of Semi Knocked Down (SKD) vehicles to the assembly of Completely Knocked Down (CKD) vehicles and ultimate to the completely localized manufacturing of both the parts and vehicles as well as their exports to other countries.
The report adds that the government of Bangladesh intends to enact the aforementioned automotive plan within the next 10 years.
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A group of automotive analysts and enthusiasts informed the media that the Bangladeshi automotive policy also details clauses for fuel-efficient internal combustion engine vehicles, hybrid vehicles, electric vehicles (EVs), and vehicles that use alternative fuel like CNG, LPG, biodiesel, ethanol, and hydrogen fuel cells.
The analysts added that the Bangladeshi automotive policy entails the government letting the automakers import 100 percent SKD parts at 10 percent customs duty for seven years, after which CKD tariff will be applicable. The clause will only be applicable to passenger cars.
They further stated that one of the most important clauses in the new policy is that the government will phase out the vehicles that have been in use for five years since their date of manufacturing. Under this clause, the public will not be allowed to use imported cars that are over 5 years old.
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Bangladesh is one of the most flourishing and fastest-growing economies in South Asia, with $302 billion economic reserves and an income per capita of $1,855. Its automotive development policy, as pointed out by the experts, is much more thorough compared to Pakistan.
With the new Pakistani Automotive Industry Development and Export Plan (AIDEP 2021-26) that is soon to be introduced, it can only be hoped that Pakistan’s policy is as wholesome and dynamic as that of Bangladesh, and is also implemented in an effective manner.
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Alhamdulillah. Joy Bangla.