New industrial policy should focus on private sector: experts

Publish: 5:38 PM, September 12, 2021 | Update: 5:38:PM, September 12, 2021

DHAKA,  – Experts at a webinar today observed that the new industrial policy should focus on creating a vibrant private sector through product diversification, skill development, policy reforms, private sector-led economic transformation, technology adaptation, adequate training and SME development, protecting domestic market, facilitating import substitute industry, redefine SME, cluster development and participation of women entrepreneurs.

They made the suggestion at the webinar on “Private Sector Expectation in the Proposed National Industrial Policy-2021” organized by Dhaka Chamber of Commerce and Industry (DCCI) here, said a press release.

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.

“This government is industry-friendly and before formulation of industrial policy, we did consultation with the private sector. Coordinated efforts needed to implement one stop service of BIDA,” he added.

He said coordinated efforts of public-private sector are needed to create employment opportunities, establishing skilled backward and forward linkage industry, expansion of domestic industry.

The government is planning to create skilled human resources in the ICT sector of Bangladesh to get the benefits of 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.

Kamal Ahmed Mojumder said protection of domestic industry, ensuring product quality, increasing productivity, IPR management, proper definition of SME, setting up cluster based industrial park, sustainable industrialization and necessary policy reforms and infrastructure development will be considered for the next industrial policy as these are key to boost local and foreign investments in the country.

Moreover, EZs, industrial parks, cluster based industrial zone, one stop service will be established in the comparatively underdeveloped areas, he added.

DCCI President Rizwan Rahman, in his opening remarks, called for redefining the definition of SMEs to ensure adequate access to finance and policy support to the small and cottage industries.

He suggested that Bangladesh can follow the example of Vietnam to prepare a comprehensive industrial policy. He opined that research and development, innovation and e-commerce can play a vital role in 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. DCCI Senior Vice President N K A Mobin gave the vote of thank at the webinar.