Industries minister Amir Hossain Amu on Sunday laid the foundation stone of a motorcycle manufacturing plant of Japanese Honda Motor Company at privately-owned Abdul Monem Economic Zone at Gazaria in Munshiganj district.
Honda Motor, the world’s largest motorcycle manufacturing company, wants to manufacture motorcycles at the plant from next year under the name of Bangladesh Honda Private Limited.
The industries minister said that the factory would play a vital role in expediting the motorcycle industry in the country and create employment opportunities.
Citing the motorcycle industry policy, Amu said that the government has set a target to increase the country’s motorcycle production to 10 lakh and employment opportunities in the sector to 16 lakh by 2025.
Our Munshiganj Correspondent reported that Bangladesh Economic Zones Authority Executive Chairman Paban Chowdhury, Japanese Ambassador to Bangladesh Hiroyasu Izumi, Head of Honda Motors for Asia and Oceania Region Shinji Aoyama and Managing Director of the Bangladesh Honda Private Limited Yuichiro Ishii were present at the function.
Japanese Honda Motor Company started its operation through opening a joint venture company with the state-owned Bangladesh Steel and Engineering Corporation namely Bangladesh Honda Private Limited in 2013.
The BSEC owns 30 per cent shares of the company which has been maintained in the new factory.
As per the plan, Honda will produce one million motorcycles in the first year and the company wants to increase the production to three million units in fifth year.
According to official data, Honda is investing in the new factory about $4.40 crore or about Taka 350 crore.
The new factory will create employment opportunities for around 300 people and later on it will be 500.
According to the latest financial report, in the April-September period of current year 2017 Honda Motor Company produced 66.91 lakh units of motorcycles which were about 14 per cent higher than the same period last year.