Govt focuses on light engineering industry’s flourishing

Aiming for the light engineering industry’s growth, the government has directed Bangladesh Small and Cottage Industries Corporation (BSCIC) to encourage light engineering entrepreneurs to acquire plots in four industrial cities of four districts.

It has decided to establish dedicated light engineering industrial parks, according to sources at an inter-ministerial meeting held over a work scheme fetched for the industry’s growth. The decision was made to utilise the potential of the local light engineering industry for boosting the national economy.

The government also recommended the finance ministry lend Tk 20 crore to the entrepreneurs of this industry from the Bangabandhu Youth Fund.

It basically targeted to increase the industry’s input in the economy from 34.6 per cent to 40 per cent by establishing dedicated industrial parks in different parts of the country.

Dhaka, Narayanganj, Jashore, Dhamrai of Dhaka, Belabo of Narsingdi, and Chattogram are getting priority for industrial parks while more plots will be encouraged in Gopalganj, Chuadanga, Sirajganj, and Sreemangal. Besides, electronics and light engineering industrial parks have been already established in Tungibari of Munshiganj.

Industries ministry sources said the Finance Division and other stakeholders had been asked to hold a meeting for conducting an inspection and study the project’s feasibility for prompt completion.

The current market of light engineering goods is approximately Tk 30,000 crore. Of that, goods worth Tk 9,000 crore are produced locally and the rest are imported.

The global demand for light engineering products is approximately $7 trillion and Bangladesh managed to export products worth $349 million.

Light engineering training institutes will be established at new industrial parks to produce skilled manpower.

Besides producing skilled workers using world-class trainers and modern technology, a separate policy and law will be formulated on the light engineering industry for the growth of sub-contracting business in this sector.

Besides, the government will provide low-cost stimulus and funds for entrepreneurs in this sector.

Industries Secretary KM Ali Azam said the light engineering industry’s importance increased significantly after Prime Minister Sheikh Hasina had announced light engineering as the “product of the year”.

The production of light engineering products has already expanded in different places of the country, he said, adding, “There is no alternative to establishing dedicated parks for light engineering products to utilise future possibilities in this sector.”

Additional Secretary Md Helal Uddin said, “Formulating a policy on the light engineering industry is underway. The final decision will be made after discussing with all stakeholders.”