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Motor show begins amid hope, heartbreak

Star Business Report
The 4th Dhaka Lucas Motor Show began yesterday with hopes of a good year although some feared a slowdown in sales on the back of global economic downswing.
"People are aware of the ongoing recession. But we are still hopeful that Bangladesh things will be turning good," said Mohd Ariful .Azim, general manager (operation) for Executive Motors Ltd, local distributor of BMW cars.
Commerce Minister Faruk Khan inaugurated the four-day fair at Bangladesh-China Friendship Conference Centre oganised by event management firm Conference and Exhibition Management Services Ltd. Some 70 companies, including distributors of new cars and automotive component sellers, took part in the show.
The minister called on domestic entrepreneurs to develop automotive industry locally.
The Executive Motors official said sales of BMW cars were good in 2008 in Bangladesh.
Globally as like other automakers earlier, BMW on Wednesday said its profit slumped last year from a year ago. The carmaker said the global auto sales would drop byl0-20 percent this year due to recession that has taken toll on business and consumers amid credit crunch.
Auto sales in key markets -- Europe, the USA, Japan, China and India -- fell amid a demand decline.
Car sales grew last year in Bangladesh thanks to loan facilities extended by banks. A less impact of recession on exports also helped keep momentum of
purchase by individuals and corporate bodies.
However the drivers of Bangladesh economy, exports and remittances, are feared to face bumpy roads as recession deepens.
“We expected the market to grow after the political government took over. But it's not that much as our expectation," said Hamdur Rahaman Simon, executive senior manager (sales and marketing) of Navana Limited, local distributor ofToyata brand cars.
"Corporate and individual purchase may slip amid recession,” he said.
Industry insiders said automotive market in Bangladesh maintained a double-digit growth in the last couple of years spurred by government, corporate and individual purchases.
Although the auto market is dominated by old or reconditioned cars imported from Japan, new car sales also recorded a rise with some 4000-4500 brand new cars being sold in 2008, up from 3500-4000 ayear ago, officials of car distributors said.
Industry insiders said car sales usually remain high in the last three-four months of a fiscal year as government purchases begin. Some individuals who prefer to clear their undisclosed money also buy cars during this period.
Tazidul Islam, head of sales of Rangs Limited, distributor of Mitsubishi cars, said the market would be better by now if the political government came to power earlier.
"It would have helped the government take decision on new purchase," he said, adding that corporate purchase has slowed.