Japan's Honda Motor signed a joint venture deal with Bangladesh's state-owned steel corporation BSEC Thursday to assemble motorcycles for the South Asian nation's booming economy, officials said. The Japanese automobile giant will own 70 percent stake in the company, called Bangladesh Honda Private Limited, with the rest owned by Bangladesh Steel and Engineering Corporation, said BSEC director Mobarak Hossain.
The venture will assemble motorcycles at a rented facility from next year with the first year's production target of 30,000 pieces, he told AFP, adding the parts would be imported from Honda plants in neighbouring nations.