Toyota Tsusho Corporation has briefed Prime Minister Tarique Rahman on its plan to establish a vehicle manufacturing plant in Bangladesh, with production of hybrid electric vehicles (HEVs) expected to begin in 2029.

A high-level delegation led by Toyota Tsusho Vice Chairman Ichiro Kashitani met the prime minister at the Secretariat on Tuesday and discussed the company’s investment plans, expansion of operations and long-term business prospects in Bangladesh.

According to the plan, preparatory work for establishing the HEV manufacturing facility in an economic zone is expected to begin in 2027, with full-scale production targeted for 2029.

The company said the initiative would contribute to industrialisation, create employment, facilitate technology transfer and help develop skilled human resources in Bangladesh.

Toyota Tsusho is also expanding its distribution network across all divisional cities in the country, according to the delegation.

Welcoming the investment proposal, Prime Minister Tarique Rahman said the government is working to ensure a stable, competitive and investment-friendly environment for both local and foreign investors. He also assured investors of necessary policy support, infrastructure facilities and other assistance.

The prime minister also expressed interest in Toyota Tsusho investing in waste-to-energy and renewable energy projects in Bangladesh. He assured the company of government support if it decides to invest in these sectors.

The Japanese company also expressed interest in contributing to technical and vocational training programmes for young people to help develop a skilled workforce suited to future industries.

Commerce Minister Khandaker Abdul Muktadir, Prime Minister’s Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir and State Minister for Foreign Affairs Humayun Kabir, among others, were present at the meeting.

Senior officials from Toyota Tsusho, including Chief Executive Officer of its Mobility Division Shigeru Harada and Toyota Bangladesh President Premit Singh, also attended the meeting.