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The new industrial policy should focus on creating a vibrant private sector through private sector-led economic transformation, technology adaptation, protecting the domestic market, facilitating import substitute industry and cluster development, experts observed on Sunday.
They made the suggestion at a webinar on "Private Sector Expectation in the Proposed National Industrial Policy-2021" organised by Dhaka Chamber of Commerce and Industry in the capital.
They also emphasised on product diversification, skill development, and policy reforms, redefine SME, adequate training and SME development and participation of women entrepreneurs.
Industries minister Nurul Majid Mahmud Humayun and state minister for Industries Kamal Ahmed Mojumder joined the webinar as the chief guest and special guest respectively.
Addressing the virtual discussion Industries minister said Bangladesh will be able to reach up to 40 per cent contribution to GDP after formulating a new industrial policy.
"This government is industry-friendly and before the formulation of industrial policy we did consultations with the private sector. Coordinated efforts needed to implement one stop service of BIDA," he said.
He also said coordinated efforts of the public-private sector are needed to create employment opportunities, establishing skilled backward and forward linkage industries, and expansion of domestic industry.
The government is planning to create skilled human resources in the ICT sector of Bangladesh to get the benefits of the 4th industrial revolution, he added.
He said SME is the lifeline of the economy and they should get maximum facility either in fiscal or in non-fiscal format.
State minister for Industries Kamal Ahmed Mojumder said, “Protection of domestic industry, product quality, increase productivity, IPR management, proper definition of SME, setup cluster based industrial park, sustainable industrialization and necessary policy reforms & infrastructure development will be considered for the next industrial policy as these are key issues to boost local and foreign investment in the country.”
DCCI president Rizwan Rahman has called for redefining the definition of SMEs to ensure adequate access to finance and policy support to the small and cottage industries.
He also suggested that Bangladesh can follow the example of Vietnam to prepare a comprehensive industrial policy, saying, “Bangladesh can follow the example of Vietnam to prepare a comprehensive industrial policy. Research and development, innovation and e-commerce can play a vital role in the future and the government should address these sectors properly in the policy.”
He mentioned that, after LDC graduation, Bangladesh will have to face competition in the global export market due to lack of product diversification. In this regard, signing FTA with potential countries and enhancing trade negotiation skills of the country are very crucial.
He also said that the moratorium period for the loan for SMEs should be extended.
Group managing director of Anwar Group of Industries Manwar Hossain said, “Policy should have its focus not only on the overall industrial sector but also on every individual industrialists or manufacturers. Stability in policies is also very crucial for making any further progress.”
Managing director of Abdul Monem Limited ASM Mainuddin Monem called for aggressive product diversification and technological advancement.
“After LDC graduation, as the cost of production will be increased, we have to rightly address this issue. As the country’s land policy is not yet very friendly, it should also be reformed especially for the Economic Zones,” he added.
