Expand local vehicle market to generate more revenue

I want to serve people and I am dedicated to putting impact-oriented in making a ‘Prosperous Bangladesh’ envisioned by the father of the nation Bangabandhu Sheikh Mujibur Rahman, says Aslam Serniabath

Jasmine Akter

Bangladesh needs to expand the local reconditioned vehicle market to generate more revenue in line with the target of SDGs attainment by the incumbent government led by the heroic Prime Minister Sheikh Hasina.

“If we provide the reconditioned car among the middle-class people within their affordability, it will expand the local car market and earn more revenue from the internal resources”, told Md Aslam Serniabath, Director of Federation of Bangladesh Chamber of Commerce & Industry (FBCCI) while giving an exclusive interview to the Daily Tribunal at his Baridhara office in the capital.

Aslam Serniabath is the Vice-President of Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) and the Proprietor of Car Selection. He is also the owner of Bangladesh Securities Services Company Limited.

He is a reputed stakeholder who received the CIP award (commercially important person) nine times. He is also recognized as the best taxpayer by the National Board of Revenue (NBR). Talking about the present reconditioned vehicle business, he mentioned that the car business was severely affected by the pandemic adversity.

Meanwhile, the ongoing war between Russia and Ukraine is putting a negative impact on the car business. Meanwhile, car sales dropped by almost 50 percent for the global supply chain disruption, he said adding that the local car market is approximately Tk 200 billion.

Expressing his concern on present business volume, he said, the local car market is squeezing gradually. The annual demand for cars is approximately 20,000, but in the last year, the stakeholders were able to sell nearly 11,500 cars.

“Such a hostile environment for the pandemic and the ongoing Russia-Ukraine war, the stakeholders are facing severe hardship to run their business accordingly”, he added.

Bangladesh has an annual demand for an estimated 20,000 cars of which 70 percent are reconditioned and the rest are new. Apart from this, the budget for the current fiscal 2022-23 increased supplementary duty on motor vehicles, increasing the car prices as well as reducing revenue.

The BARVIDA leader attributes fiscal measures and volatility in the exchange rate to the increase in prices of reconditioned cars and the reluctance of importers to import more cars. “As the reconditioned cars became costlier, we are facing a tough situation to operate the business”, he also added.

Commenting on the current price, he said, the prices of cars increased by 15 to 20 per cent based on model and brand. He, however, expressed his optimism for ensuring the impact-oriented contribution in making a ‘Prosperous Bangladesh’ envisioned by the father of the nation Bangabandhu Sheikh Mujibur Rahman.

“I want to serve people and I am dedicated to ensuring my contribution to making a prosperous country”, added Aslam Serniabath.

Actually, the reputed businessman is involved with multifarious social welfare activities. As an impact-oriented stakeholder of the country, Aslam Serniabath visited abroad in many times with the legendary Prime Minister Sheikh Hasina.