The Daily Star

Your Right To Know
Monday, April 21, 2014

Tuesday, October 13, 2009
Business

Bangladesh to become carmaker

Bangladesh is set to become an automaker by the next two years, as a South Korean investment company yesterday announced a plan to invest $2 billion for setting up a Korean brand car manufacturing plant in the country.

The proposed car unit is expected to go into production in 2012, targeting to make 50,000 Korean Tagaz brand cars a year, and sell those in both local and international markets.

The plant will also manufacture cars to be branded locally.

If the plant is set up in time, it will be the first-ever car making venture in Bangladesh.

Industries Minister Dilip Barua formally unveiled the $2 billion investment plan, and termed it as a good sign for Bangladesh amid a sluggish foreign investment flow.

Cimillae Development Co Ltd, the local agent of Korean investment company CCGI, will coordinate the investment implementation.

Abdul Mannan, managing director of Cimillae Development, said local customers will get a Tagaz brand new car at only Tk 7 lakh. The company has already acquired land at Bhairab in Narsingdi for the plant.

Mannan said the plant will require two years to be set up. As many as 15,000 jobs will be created to run the car manufacturing plant.

CCGI Chairman Lee Young Choung said his company has already decided to invest more in Bangladesh besides the car manufacturing plant. He said CCGI has plans to invest in 30 sectors in future.

Presently Japanese reconditioned cars dominate the Bangladesh market. Around 20,000 used cars are imported each year, while the number is 2,000 for brand new cars.

Some brand new carmakers like Ford have already initiated move to enhance their presence in Bangladesh.

Japanese Toyota still leads the market in both used and brand new car segments.

Share on



 





What a brilliant piece of news.

Proud of you Bangladesh.

: Taslima

I think this is a great news for our country that I have heard after the getting the test status in cricket. If this happens then image of Bangladesh will totlaly change in positive direction.

: Mahbub

Comments

  • swapan
    Tuesday, October 13, 2009 11:28 AM GMT+06:00 (236 weeks ago)

    I googled about Tagaz and found it to be a Russan car manufacturer. but anyway if it is an honest proposal then definately it is a very good news for our people.

  • Saiful
    Tuesday, October 13, 2009 11:17 AM GMT+06:00 (236 weeks ago)

    The official website of this company is www.tagaz.co.kr & this is not working. Then how come Bangladesh is going to sign contract whose official website is not working. What experiance they have in the world market. Appreciate, if you can revert with full information to general public before publications.

  • swapan
    Tuesday, October 13, 2009 11:42 AM GMT+06:00 (236 weeks ago)

    If this is an honest investment proposal then definately it is good news for our people. But i am skeptical about it. Cauze I googled Tagaz and foud it to be a Russian car manufacturer. But the news says the proposal came from a S Korean company. Which raised my eye brow about the news. Hope it really takes place..

  • gg-pick
    Tuesday, October 13, 2009 02:19 PM GMT+06:00 (236 weeks ago)

    From a economic policy stand point, its a great idea; but, from a practicality perspective its more of a cautious welcome.

    Only issue is whether there is any - domestic and/or international - market for 'Tagaz'? I've never heard of this company. FDIs from more reputable car companies like Toyota, Honda, Hyundai, Ford, or Renault would have been more welcoming.

  • Naguib
    Tuesday, October 13, 2009 02:31 PM GMT+06:00 (236 weeks ago)

    Excellent news!

    I hope this is a genuine proposal and our Govt will test the merit of it and give a positive to-go sign.

  • miraj
    Tuesday, October 13, 2009 06:27 PM GMT+06:00 (236 weeks ago)

    It is, indeed, a great news for us...

  • Tanvir Morshed
    Monday, October 19, 2009 02:33 AM GMT+06:00 (235 weeks ago)

    I've been waiting for this news for years.

    I want to see local firms are also getting into the CAR making industry along with international investment.

    What about Walton's Car industry which is supposed to start soon.

    A very Good News for Bangladesh.

  • ivorysan
    Tuesday, October 13, 2009 10:34 PM GMT+06:00 (236 weeks ago)

    Once poor countries like china and Brazil are now developing with momentum partly because good human resource and well-founded market economy.Bangladesh may become like those countries.


 

 


advertisement

 


The Daily Star

© thedailystar.net, 1991-2014. All Rights Reserved