Pakistan plans to export 5,800 vehicles to Bangladesh over the next four years under a new partnership between Pakistani automaker MG JW Automobile and Bangladesh's RANCON Group, the Pakistan High Commission in Dhaka said on Friday.

A Memorandum of Understanding (MoU) was signed between the two companies to facilitate vehicle exports from Pakistan to Bangladesh.

According to Pakistan's Ministry of Industries and Production, 100 vehicles will be exported to Bangladesh during the current year, with total exports expected to reach 5,800 units over the following four years.

The Pakistan High Commission said the partnership is expected to broaden the range of vehicles available in Bangladesh, promote healthy competition in the automobile market and offer consumers more choices at competitive prices.

It added that the agreement would also help strengthen economic cooperation between Pakistan and Bangladesh while encouraging greater business-to-business collaboration.

Speaking at the signing ceremony, RANCON Group Executive Director Muhammad Mostafizur Rashid Bhuiyan said the partnership would introduce healthy competition to Bangladesh's automobile market while providing consumers with high-quality vehicles manufactured in Pakistan.

Special Assistant to the Prime Minister of Pakistan on Industries and Production Haroon Akhtar Khan welcomed the agreement, expressing confidence that such collaborations would deepen bilateral trade and economic ties and create new opportunities for private-sector cooperation between the two countries.

Senior officials of both companies, government representatives and members of the business community attended the signing ceremony.