South Korean Ambassador Encourages Bangladesh to Strengthen Domestic Auto Industry

In a significant address during his visit to the Fair Technology-Hyundai factory at the Bangabandhu Hi-Tech Park in Gazipur, South Korean Ambassador to Bangladesh, Park Young-sik, emphasized the need for Bangladesh to stimulate its domestic automobile manufacturing industry. He underscored that such efforts could potentially reduce the nation’s dependency on importing second-hand cars, offering numerous advantages, including environmental benefits.

Ambassador Park Young-sik shared his views with reporters during the factory tour, stating, “Encouraging the production of domestically manufactured cars is not only a step towards self-reliance but also a positive move for the environment.” He acknowledged the pivotal role that the Fair Technology-Hyundai factory plays in Bangladesh’s journey towards graduation from the category of Least Developed Countries (LDC).

One notable suggestion put forth by Ambassador Park Young-sik was that Bangladesh consider imposing restrictions on the importation of older cars, akin to policies implemented by some developing nations like Mongolia and Laos. Such measures could bolster the growth of the local automobile industry while reducing the influx of aging vehicles.

The Ambassador also stressed the importance of creating an improved investment environment, including a more favorable taxation system, to attract further investment into Bangladesh. His remarks signaled South Korea’s commitment to supporting Bangladesh’s economic development and its aspirations for industrial growth.

Ruhul Alam Al Mahbub, the founder and Chairman of Fair Group, shared the company’s ambitious plans for the future. Currently, the Fair Technology-Hyundai factory assembles 150 Hyundai cars each month, with a target of delivering 6,000 cars to the domestic market in Bangladesh next year. He also revealed the company’s long-term vision to export cars manufactured in Bangladesh.

This visit by Ambassador Park Young-sik highlights the growing collaboration between South Korea and Bangladesh in the field of automobile manufacturing and serves as a reminder of the potential for economic growth and environmental sustainability through the promotion of domestic car production in Bangladesh.