He also said that Pragati Industries Limited, a state-owned company, will produce motor vehicles with technical assistance from Mitsubishi Corporation, Japan. 

The Industries Minister made the remarks after a meeting with Japanese Ambassador to Bangladesh Naoki Ito at the ministry, said a press release.

The minister said The Automobile Industry Development Policy, 2020 will be finalised soon.

The meeting discussed many issues regarding Japanese investment in Bangladesh's industrial sector including Japan's technical assistance in manufacturing its own brand of motor vehicles in Bangladesh, formulation of National Industrial Policy 2021, creation of industrial database, modernization of motorcycle industry, development of vendor industry related to automobiles and light engineering industries in Bangladesh, and establishment of automobile testing industry for motorcycle certification. 

Nurul Majid Mahmud Humayun said Japanese entrepreneurs are making significant contributions to the socio-economic development and industrialisation of Bangladesh. 

“Japan has long been providing technical assistance to BCIC's fertiliser plants under the Ministry of Industries. They are also actively involved in the construction of Ghorashal-Palash Urea Fertiliser Factory,” he said.

The Minister sought Japanese investment in modernising state-owned sugar mills, setting up of agro-based industries, processing of agricultural products and food, development of light engineering industries and development of vendors for small and medium industries.

Japanese Envoy Naoki Ito said Prime Minister Sheikh Hasina's far-sighted initiatives to combat the Covid-19 epidemic have created a positive investment climate in Bangladesh. 

“Automobile industry entrepreneurs, including Mitsubishi Corporation of Japan, are keen to increase investment in Bangladesh,” he said.