Bangladesh has failed to exploit its immense potential in the automobile sector due to absence of policy, design and drawings of two, three and four wheelers, according to the FBCCI.

As a result, almost 99 per cent of automobiles are manufactured by foreign vendors. Entrepreneurs in this sector urged the government to shield the sector with proper policy.

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They made this call at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Standing Committee on Automobile Manufacturers and Assemblers held at FBCCI Icon on Wednesday.

Speaking as the chief guest, FBCCI president Md. Jashim Uddin said Bangladesh is now gradually lessening its dependence on import, while strengthening the local manufacturing capacity, which enables the country to expand its export base in addition to meeting domestic demand.

Proper branding of this capacity would have led to more investment and employment as well, he said.

Md. Habib Ullah Dawn, director in charge of the Standing Committee called for ensuring a competitive market of quality products besides solving the problems related to policies regarding automobile industries.

In future, FBCCI would organize seminars inviting the representatives from concerned ministries, he added.

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Chairing the meeting, the Chairman of the Standing Committee and the Chairman of Runner Group, Hafizur Rahman Khan urged the businessmen to work on sector wise development and to prepare a draft on various issues to be submitted to the government through FBCCI.

The FBCCI already started working with the government regarding vendor policy, Hafizur Rahman informed the meeting.