Uttara Motors is targeting 285Crore Investment in Local Suzuki Car Factory
BEZA (Bangladesh Economic Zones Authority) reported Uttara Motors Ltd will invest $33.63 million (Tk285 crore) in a local plant to assemble and produce Suzuki cars in Bangladesh.
Suzuki Motors is a leading Japanese automaker with a global footprint and a long history of manufacturing partnerships with local companies. Uttara Motors, on the other hand, has been selling a range of world-famous car brands since Bangladesh’s independence.
On Wednesday, the country’s largest automotive firm signed a lease agreement with Beza for a 50-acre plot in Chattogram’s Bangabandhu Sheikh Mujib Shilpa Nagar.
According to Uttara Motors Chairman and Managing Director Matiur Rahman, the car plant will provide high-quality jobs for 800 people.
Uttara Motors chose Bangabandhu Shilpa Nagar, a planned 30,000-acre industrial city, to expand its manufacturing venture because Beza is leading a program to give investors world-class services, Matiur said at the deal signing ceremony held at the Beza office in the capital.
More land is being set aside for automotive companies at Bangabandhu Shilpa Nagar, according to Paban Chowdhury, Beza executive chairman, as Beza works to exploit the emerging opportunity to locally produce automobiles, commercial vehicles, and two-wheelers.
Companies can export vehicles and parts to a variety of regional markets in addition to catering to local market demand.
In India, the company’s joint venture with the government has become legendary, with the company serving more than half of the country’s large car market.
Suzuki, on the other hand, has a different story in Bangladesh, where fewer than 500 of the over 15,000-25,000 imported cars sold each year are Suzukis.
Automobile analysts attribute the market’s preference for reconditioned Japanese vehicles, which are seen as better value for money in Bangladesh, as car import duties are rising extremely high.
Beza also announced that the industrial park will be home to the country’s first electric vehicle factory. The factory will be capable of producing 35,000 electric vehicles, 50,000 electric three-wheelers, and one lakh electric two-wheelers per year.
Japanese automobile brands like Mitsubishi and Kawasaki also expressed their interest in investing.
Matiur expressed his hope that Uttara Motors will be able to start construction on its factory soon at the country’s first-ever potential automotive center, which has already attracted $336 million in investment proposals from automobile companies alone, which could result in the creation of 7,500 jobs.
Mehjabin Zaman Mahee
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