Toyota to start hybrid electric vehicle production in Bangladesh next year
Full-scale production is expected to begin by 2029.
Japanese motor vehicle giant Toyota Tsusho Corporation will begin developing a hybrid electric vehicle (HEV) manufacturing industry in Bangladesh next year, with full-scale production expected to start by 2029, the Prime Minister's Office said.
The announcement came after a meeting between Prime Minister Tarique Rahman and a high-level Toyota Tsusho delegation led by Vice Chairman Ichiro Kashitani today (6 October).
According to the Prime Minister's Office, Toyota Bangladesh will begin work in 2027 to establish HEV production at an economic zone in Bangladesh under a "with Bangladesh, for Bangladesh" development philosophy. Full-scale production is expected to begin by 2029.
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The visiting delegation also said Toyota Bangladesh is expanding its distribution network to all divisional-level locations to make the company's services and operations more accessible across the country.
Toyota Tsusho also expressed interest in contributing to human resource development by creating technical and vocational training opportunities for young people, improving skills and developing a workforce suited to future industries.
Prime Minister Tarique Rahman welcomed Toyota's interest in expanding its investment and operations, saying the government was working to ensure a stable, competitive and investment-friendly environment for local and foreign investors.
He said the government was committed to providing foreign investors with necessary policy support, infrastructure and other facilities.
The prime minister also highlighted Bangladesh's potential in waste-to-energy generation and renewable energy, and pledged government support if Toyota Tsusho is interested in investing in these sectors.
Commerce Minister Khandaker Abdul Muktadir, Prime Minister's Economic and Planning Adviser Rashed Al Mahmud Titumir, Foreign Affairs State Minister Humayun Kobir, Science and Technology Adviser Rehan Asif Asad, and Prime Minister's Special Assistant for Foreign Employment in the Asia-Pacific region Md Shakirul Islam Khan, among others, attended the meeting.
Toyota Tsusho Mobility Division CEO Shigeru Harada, Toyota Bangladesh Ltd President Premmit Singh and other senior company officials were also present.
