Pakistani, Bangladeshi firms sign vehicle export contract to increase bilateral trade

Pakistani car maker MG JW Automobile inked a memorandum of understanding (MoU) with Bangladeshi conglomerate RANCON Group this week to export Pakistani cars to Bangladesh as both nations look to boost business-to-business (B2B) connections.

RANCON is a large corporate organization in Bangladesh and they are working in several sectors like vehicles, real estate and electronics. Under the deal, MG JW Automobile will sell 100 vehicles to Bangladesh during the current year while total shipments are expected to exceed 5,800 vehicles during the next four years, the Pakistan High Commission in Bangladesh announced on Friday.

“The deal is expected to benefit Bangladesh by increasing the availability of vehicles in the Bangladesh market, healthy competition and the consumers will get more choices at competitive prices,” the High Commission stated.

“The agreement will also lead to closer economic cooperation between Pakistan and Bangladesh and promote more business-to-business cooperation,” said the high commission.

Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, praised the deal. He said he was confident such collaborations will improve trade and economic relations between the two countries and provide avenues for cooperation between the corporate sectors of the two countries.