Banks reluctant to open LC for Car Import; Businesses in dire strait: Speakers at Std. Com. Meeting

Dhaka, Bangladesh || Thursday, 30 April 2026 || 17 Boishakh 1433

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Banks reluctant to open LC for Car Import; Businesses in dire strait: Speakers at Std. Com. Meeting

Peoples Time Desk

Published : Thursday, 27 October, 2022 at 9:43 PM, Count : 1398

Banks reluctant to open LC for Car Import; Businesses in dire strait: Speakers at Std. Com. Meeting

Despite fulfilling the criteria of 100% margin, Importers can’t open LCs from the banks for importing cars, which pushes this business to a dire strait.

Businessmen shared their sufferings during the 2nd meeting of the FBCCI standing Committee on Automobile held on Thursday morning at FBCCI.

In Bangladesh cars have long been considered as luxury items, and the government has imposed a 100% LC margin on importing cars to deal with the dollar crisis. However, in the perspective country’s current economic growth, cars have appeared as the daily necessary items, businessmen opined. There is no alternative of trucks and pickups for goods transport on road. Mentioning the contribution of truck and pickup during the covid pandemic, members of the committee said, these vehicles kept the supply chain afloat. Hence, they urged the government to keep cars out of the luxury list.

They also called for incentives for hybrid cars like other countries.

In contrast to the global trend, in Bangladesh, currently BRTA does not register electric vehicles. Therefore, businessmen urged to introduce registration policies for EVs.

Speaking as the chief guest FBCCI President Md. Jashim Uddin informed that a foreign company has already taken initiative to manufacture electric vehicles in Bangladesh. This investment could fail if the registration wouldn’t be resumed, which would discourage other foreign companies from investing in the automobile sector in the country.

FBCCI Vice-President and Director in-charge of the committee Md. Habib Ullah Dawn said, during this global crisis, we agreed with 100% LC margin decision, but the banks do not want to open LC and discourage us through continuously seeking for different documents. Md. Habib Ullah Dawn urged for solving the duty obstacles and incentives for the automobile industry.

BRTA should include FBCCI representatives on behalf of the businesses for business friendly and realistic policy formulation.

While chairing the meeting, the chairman of the committee and Runner Automobiles Ltd. Hafizur Rahman Khan demanded incentives for the sector.

Joining the open discussion businessmen demanded for amending the rule of mandatory driving license while purchasing motorcycle, harassment free issuance of driving license, specific HS code for electric vehicle, registration for three wheelers and sector friendly policy support.

Among others, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Director Md. Rejaul Kariem Rejnu, CIP, M G R Nasir Majumder, Bijoy Kumar Kejriwal, Hafez Harun, Iqbal Shahriar, Md. Aslam Serniabath, Abu Hossain Bhuiyan (Ranu), Akkas Mahmood, Committee Co-chairmen Matiur Rahman, Abdul Haque, Taskeen Ahmed, Abdul Hamid Sharif, Maj. Gen. AKM Abdur Rahman, OSP, NDC, PSC (Retd.), Mahbubul Haq Chowdhury Babur were present at the meeting.

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