FBCCI seeks legal base to benefit from next industrial policy

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has said the upcoming industrial policy should incorporate legal framework for the entrepreneurs to reap optimum policy benefits.

They said the venturers are not able to take advantage of many opportunities enshrined in the current policy because of complexities.

The federation came up with the call at the first meeting of FBCCI Standing Committee held at its office on Monday, said a press release issued on the day.

The leaders of the business platform said there are controversies among different government policies, which deprive entrepreneurs of reaping the policy benefits in many cases, thereby hampering local and foreign investment as well as Industrialization.

During the meeting, Mostofa Azad Chowdhury, senior vice-president of FBCCI and director-in-charge of the Standing Committee on Industry and Industrial Policy, said coordination among various ministries is essential for implementation of industrial policy.

Mostofa underscored the need for specialisation of the Ministry of Finance, the Ministry of Commerce and the Ministry of Industries, saying that entrepreneurs are required to pay high service charge even though they do not get any service in the BSCIC industrial city.

“Sometimes the charge is increased by 50 per cent to 60 per cent without consulting the industrialists concerned, and the industrialization is being hampered due to high land prices in various industrial cities of BSCIC,” said the business leader.

To protect their industry, various countries have imposed various restrictions on foreign products, including anti-dumping duties, Mostofa Azad Chowdhury Babu cited, asking the government to take the same measures to protect local ventures.

At the meeting, Shamim Ahmed, chairman of the FBCCI Standing Committee and president of the Bangladesh Plastic Goods Manufacturers and Exporters Association, said the service sector contributes more than 50 per cent to the economy, but the draft industrial policy does not properly address this sector.

Although public-private partnership plays an important role in the development of the economy, it is not mentioned in the industrial policy, observed Shamim.

“Foreign investors are discouraged as they find inconsistencies between the policies of Bangladesh Investment Development Authority and industrial policy,” he mentioned.

During the discussion on the draft of National Industrial Policy 2021, the members of the standing committee said there is lack of coordination among different policies, and industrial policy should be considered superior so that entrepreneurs can avail themselves of the benefits as per the provisions of the industrial policy.

Speakers at the meeting felt that the post-LDC challenges, diversification of export products, skilled manpower, ICT, SME sector should get priority in the upcoming policy.

Various countries are moving towards circular economies to ensure sustainable development and FBCCI is also working on this.