New industrial policy this year

Industries Minister Dilip Barua speaks at the monthly luncheon meeting of Foreign Investors Chamber of Commerce and Industry in Dhaka yesterday. Photo: FICCI

A new industrial policy with measures to encourage and promote public-private sector initiatives will be announced this year.
Indicating this at a luncheon meeting of Foreign Investors' Chamber of Commerce and Industry (Ficci) at Hotel Radisson, Industries Minister Dilip Barua said the government wants a rapid growth of industries that would generate employment opportunities.
“I think high interest rate is one of the major obstacles to industrialisation,” said Barua.
The government has suggested slashing the bank-lending rate to a single digit for supporting industrialisation.
“We will also go for restructuring the duty structure to remove the discrepancies to assist the domestic industries,” he added.
The minister emphasised the need for a vibrant private sector. The government will also encourage public-private sector partnership in setting up big industries.
US Ambassador James F Moriarty and Amcham President Syed Ershad Ahmed, among others, were present at the function chaired by Ficci President Waliur Rahman.
Barua stressed the need for efficient use of energy, conserving resources and environment friendly corporate policy for sustainable development.
“At the same time we will pay due attention to product designing, quality improvement and safer and sound industrial environment,” he added.
He said the government is sincere in ensuring a congenial political atmosphere and a healthy employer-employee relationship.
“Without a stable political environment and confidence among the investors, industrialisation process cannot go on smoothly,” he added.
In the context of global economic recession, the minister said Bangladesh has no alternative to strengthening the domestic industrial capacity and diversifying of export. “We need to develop our indigenous and local industries so that we can meet the domestic demand.”
About the quality of products, Barua said steps have already been taken to strengthen Bangladesh Standard & Testing Institution (BSTI).
BSTI should ensure the quality of the products.
“We are going to appoint new manpower in BSTI for its capacity building,” he said.
Referring to the ONE STOP service facility, the minister said it would be made effective by simplifying legal and procedural formalities.
He called upon the foreign entrepreneurs to invest more in Bangladesh and make a greater contribution to industrialisation.
“We want to transform our trade oriented economy into industry oriented one. We seek your best possible support to make our endeavour successful,” Barua told foreign entrepreneurs.
He called for pragmatic suggestions how Bangladesh could make rapid progress in its endeavour for industrialisation.
Waliur Rahman said the deteriorating law and order situation was causing frustration among the entrepreneurs and the business community as well.