Foreign investment in manufacturing electric cars in Bangladesh will be another achievement in boosting the country’s economy.

With the advancement of cutting edge technology, the world is moving towards electric car production. The electric cars are gaining popularity across the world for curbing carbon emission and protecting the ecology.

The New cars will do away with fossil-fuel-use and thus it will help protect environment and reduce global warming.

Bangladesh has a huge business prospect of electric cars for curbing carbon emissions and their cost effectiveness, experts said.

Several foreign companies, including Toyota of Japan, have expressed their keen interest in producing cars in Bangladesh, which will help the country to enter a new era as it is a totally new sector here, a senior official of Bangladesh Economic Zones Authority (BEZA) said.

“Everyone is moving towards new technology of electric car production. This is a great opportunity for us. Because, we are currently at zero position in car production,” he added.

Economists said the government should formulate a policy in this regard to attract foreign investment in this sector.

The automobile industry will enter the world of electric vehicles instead of fuel-oil-run ones in the next 10 years, they added.

In this regard, the government is working to make a policy for attracting foreign investors in the new sector, the BEZA official said.

Paban Chowdhury, Executive Chairman of BEZA said many foreign investors of different countries including Japan, China and the USA have shown interest in investing in the special economic zones of Bangladesh.

We are working to create an investment-friendly culture for all foreign businessmen to attract foreign direct investment, he said adding that, as a result, many Japanese companies have shown interest to invest in the country, which will help boost the economy.

Abdul Haque, President of Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) said the vehicles coming from different countries are not as good as those coming from Japan.

“Old technology cars should not be produced. On the other hand, the business of reconditioned cars that has been developed over a period of 45 years should continue. The sector can create a lot of jobs,” he added.

Ahsan H Mansur, Executive Director of Policy Research Institute (PRI) said, “Everyone is going for the new technology of electric car production. This is a great opportunity for us. Because, we are currently at zero position in car production.”

Use of vehicles in the country is not increasing due to high tariffs, he added.

At present, the government gets a duty of around Tk 5,000 crore from imported vehicles, he said adding that if the use of cars increases, it is possible to raise it from Tk 10,000 crore to Tk 15,000 crore.

“Besides, going into car production, we also have to think about how to increase the revenue. This requires a comprehensive policy,” he mentioned.