The government has launched a $40 million new fund under the Export Competitiveness for Jobs (EC4J) project for infrastructure investments in order to create around 90,000 fresh jobs and to boost exports in the leather and leather goods, footwear, plastics and light engineering sectors.
Commerce Minister Tipu Munshi formally inaugurated the fund through joining a virtual platform as chief guest.
Addressing the launch, Commerce Minister said the government is providing all-out cooperation to expedite export and now the exporters have to come forward.
"The government has taken business-friendly steps under the leadership of Prime Minister Sheikh Hasina that's why the country is moving ahead in local and international trade. Bangladesh has the capability to move forward in the competitive export trade that's why the country's export trade is improving a lot", Minister added.
EC4J Project Director and Commerce Ministry Additional Secretary Md Obaidul Azam presided over the meeting while Commerce Secretary Md Jafar Uddin, representative from the World Bank, and business leaders from the concerned sectors also joined the ceremony among others.
Highlighting the main project objectives speakers said that the possible outcomes of this fund is to turn some 250 local firms, representing these four targeted sectors, into international standard.
Besides, they said that once the project is implemented, around 90,000 fresh jobs would be generated directly from these four sectors.
The EC4J project director informed that work is on to frame a separate such kind of investment project to incorporate the jute and agro processing sectors to further explore their potentials. Azam also said that those who would manufacture medical equipments and masks for facing the COVID-19 pandemic would get grants from this fund.
As the project period progresses, PIFIC now seeks funding proposals for infrastructure investments in these four sectors. PIFIC is a significant component of the ‘Export Competitiveness for Jobs’ (EC4J) project adopted by the Ministry of Commerce.
PIFIC has approximately $40 million available in grants and technical assistance, which is expected to cover 15-20 infrastructure projects within industrial clusters around the country.
The types of projects for which investment grants are available include water treatment plants and upgraded water connections in an industrial area, waste recycling facilities in public-private joint ventures, specialized warehouses, last-mile transmission of electric power, and enhanced local connectivity etc.
It also includes upgraded telecom connectivity, upgraded access roads, service centers in clusters and industrial parks related general facilities etc. This grant will only be applicable when at least a cluster of industries will benefit from it and not for the benefit of a single industry.
