Bangladesh able to reach 40% industrial contribution to GDP: Minister
Industries Minister Nurul Majid Mahmud Humayun on Sunday said Bangladesh will be able to reach up to 40% 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," he said while addressing a virtual discussion on "Private Sector Expectation in the Proposed National Industrial Policy-2021" arranged by Dhaka Chamber of Commerce & Industry (DCCI).
The minister noted that coordinated efforts are needed to implement the one-stop service of BIDA, reads a press release.
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"Government is planning to create skilled human resources in the ICT sector of Bangladesh to reap the benefits of the 4th industrial revolution," he further added.
Speakers at the discussion focused on key areas related to industrial policy.
State Minister for Industries Kamal Ahmed Mojumder MP 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.
EZs, industrial parks, cluster-based industrial zone, one-stop service will be established in the comparatively underdeveloped areas, he added.
Industries Ministry Senior Assistant Secretary (Policy) Md Salim Ullah presented the keynote paper.
He said stakeholders need to take measures for import-substitute industrial development.
DCCI President Rizwan Rahman urged 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.
Rizwan noted 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 is very crucial," he added
He also said that the moratorium period for the loan for SMEs should be extended.
