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Hi-tech sector needs more prop: Experts


Published : 13 Apr 2022 10:05 PM | Updated : 13 Apr 2022 10:05 PM

The government should extend further support to the electronics and hi-tech goods manufacturing industry to make it a potential export-oriented sector, experts said.

The electronics and hi-tech goods manufacturing industry needs a lot of govt- support as it is one of the hallmarks of the success and pride of post-independence Bangladesh, they said. 

With the government’s timely policy support, the reputation and contribution of this sector has spread out all over the world, they added. 

However, Bangladesh, especially in the production of compressors and refrigerators, has created new milestone. 

Senior government officials, economists and entrepreneurs wanted the existing facilities to continue and additional support for the development of domestic electronics and technology industry.

According to experts, the electronics and hi-tech industry of Bangladesh has witnessed unprecedented development in the last one decade mainly due to various industry-friendly policies adopted by the present government with hundred percent electrification.

Earlier this sector was completely import-oriented. Then, the annual demand for refrigerators was only three lakh units and the employment in this sector was around five hundred. But the picture has been completely changed within a decade. At present, millions of people have been directly employed in the electronics sector of the country. 

Instead of three lakh, the annual demand for refrigerators has gone up to more than 30 lakh. The rural economy has also developed centering this sector. This has been possible due to the development of local industries in this sector.

Professor Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission, said the existing VAT exemption and other facilities for domestic manufacturing industries need to be upheld in future. 

The local products need to be encouraged as those will reduce the country’s import dependence, he added.

Mosharraf Hossain, Additional Commerce Secretary of Planning Commission said the government believes that if investment increases, employment will increase and at the same time domestic industry will develop. 

Zahidul Alam, Secretary General of the Bangladesh Refrigerator Manufacturers and Exporters Association, said, the country's electronics and technology industry had been hit by corona pandemic. 

At present, the country's industrial sector is trying to recover the loss incurred during the Covid-19 outbreak, he mentioned. 

In such a situation, the local electronics and technology sector needs a lot of support, he said, adding that at present increase in the level of government facilities is very crucial for this sector. 

Dr Nazneen Ahmed, Bangladesh's Country Economist of the United Nations Development Program (UNDP), said that the budget for 2021-22 fiscal year was industry -friendly and employment- friendly. 

It is expected that these issues will be given priority in the next budget as well, she said, adding that, it would be better for the domestic industrial support facilities to stay for a few more years.