President stresses private sector development

There is no alternative to developing the private sector to achieve the country's desired success in industrialisation, President Abdul Hamid said yesterday.

Industrialisation will gain pace as much as the private sector gets stronger and faster, he said.

Hamid spoke at a ceremony to hand over the “President's Award for Industrial Development 2016” at Osmani Memorial Auditorium in the capital.

“The government has been providing various incentives to the private sector and entrepreneurs.”

The entrepreneurs in the SME sector are provided with loans at single digit interest while women entrepreneurs of the sector are given collateral-free loan, he said.

“Plots are also given to them on a priority basis. This award is also part of the incentives."

Hamid said the government is setting up 100 special economic zones to achieve the target of sustainable and environment-friendly industrialisation. “Alongside creating some one crore jobs, the government has targeted to raise the export volume to $40 billion by setting up the special economic zones. So, most plots in these economic zones are being allocated for private entrepreneurs.”

He said local and foreign investments are on the rise because of tax exemption and other government incentives provided to the investors.

Green industrialisation has been possible as the government was trying to ensure a visionary and entrepreneur-friendly policy, he said.

Sectors such as garment, leather, shipbuilding, bicycle and ship-breaking are also moving forward. “Some of the industries like ceramic, plastic, furniture and electronics have ensured global standards in production and logged considerable export growth.”

The awards were given to 13 industrial units in six categories for their contribution to the economy.

Fariha Spinning Mills from Narayanganj received the top award in the large industry category while Spectra Engineers and Envoy Textiles held the second and third positions respectively in the category.

BRB Polymer, Chittagong Denim Mills and Basumati Distribution won the first, second and third prizes respectively in the medium-sized industry category.

In the small industry category, the winners were Runner Automobiles from Mymensingh, Oco-Tex Ltd from Gazipur and Abul Industries. Smart Leather Products was the lone company recognised in the new micro-industry category.

Super Star Electrical Accessories Ltd from Narayanganj and Service Engine BPO from Dhaka were awarded under the hi-tech category while Karupanno Weaving Factory was the lone award recipient in the cottage industry category.

ASM Mohiuddin Monem, deputy managing director of Abdul Monem Ltd and chairman of Service Engine BPO, received the award on behalf of Service Engine BPO.

Industries Minister Amir Hossain Amu and Industries Secretary Muhammad Abdullah were also present.

Managing Director of Fariha Spinning Mills Monir Hossain spoke on behalf of the industrialists.