BMW to sign joint venture deal in India next year

Monday, 21 July 2003, 07:00 Hrs
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DHAKA: BMW, the producer of the premier German automobiles, will sign a joint venture agreement with India next year to manufacture BMW cars as part of its move to capture the Asian market.

"The BMW group has already signed joint venture agreements with Thailand and China to manufacture BMW cars. And in the next year we are going to sign a joint venture deal with India," BMW group senior vice-president Lueder Paysen said here.

He said this while opening a showroom of Executive Motors Ltd., distributor of BMW cars, in Bangladesh.

Paysen said though the Bangladesh market was limited for BMW cars, the Asian market was important for the company. "Some people of Bangladesh also want to drive the BMW cars here", he said.

"Executive Motors has already sold 42 BMW cars in Bangladesh and of them 25 cars have already been delivered," he said.

"Last year we sold over 78,000 BMW cars in Asia and we are planning to double our sales in Asia to approximately 150,000 cars in next five years," he added.

To achieve this target, he said, the company was expanding its presence in Asia.

Bangladesh Commerce Minister Amir Khosru Mahmud Chowdhury inaugurated the showroom.
Source: IANS
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