The government is set to rationalise motorcycle registration fees keeping conformity with the trend of neighbouring countries with an eye to attract more foreign direct investment in the sector, an official said.
Under the move the ministry of industries (MoI) will send letters to other ministries concerned seeking their recommendations to fix the registration fees.
The ministry has taken the move following a virtual meeting between Industries Minister Nurul Majid Mahmud Humayun and high officials of Bangladesh Honda Private Limited on July 23 in the capital.
A high official of the MoI told the FE on Wednesday that Managing Director and Chief Executive Officer of Bangladesh Honda Private Ltd Himihiko Katsuki put forward a set of recommendations to the minister for flourishing the sector.
The recommendations include adopting a rational and sustainable motorcycle registration fees, bringing necessary amendment to 155 statutory regulatory order (SRO) of National Board of Revenue for importing important raw materials for motorcycle industries.
Besides, drafting a roadmap for backward linkage industry of the sector and introducing retail financing system by Bangladesh Bank to facilitate finance to motorcycle buyers were other key recommendations.
The meeting also discussed the problems and prospects of motorcycle industry in Bangladesh.
Industries Minister Humayun said the government has formulated Motorcycle Industry Development Policy 2018 for the development of country's motorbike industry.
He said that the ministry will soon start working for setting up backward linkage industry for this sector.
He also said that the government will continue to provide policy supports for flourishing this sector.
Mr Humayun suggested the officials of Bangladesh Honda Pvt Ltd to discuss with the officials of SME Foundation and commercial banks about arranging retail financing facility for the motorcycle customers, according to the MoI.