The government plans to phase out the import of reconditioned cars over the next five years in a bid to encourage investments in the assembly and manufacture of motor vehicles within Bangladesh.

In this regard, the government will formulate the 2020 Automobile Industry Development Policy, a draft of which has already been shared with various stakeholders for finalisation.

Currently, state-run Pragati Industries assembles cars designed by Japanese automaker Mitsubishi Motors while PHP Motors, a sister concern of the PHP Family based in Chattogram, manufactures cars made by Malaysia's PROTON Holdings Berhad.