The government is going to formulate the National Industrial Policy 2021. But due to lack of the legal entities, entrepreneurs are not able to take advantage of the many benefits of the current policy. In such a situation, the members of the FBCCI's Standing Committee on Industry and Industrial Policy feel that there is a need to have a legal basis for the upcoming industrial policy.
The speakers came up with this call at the first meeting of the standing committee held at the FBCCI office on Monday morning.
They complained that there are controversies among different govt. policies, which deprive entrepreneurs to rip the policy benefits in many cases. As a result, local and foreign investment is being hampered, so does the Industrialization.
During the meeting, Mostofa Azad Chowdhury, senior vice-president of FBCCI and director-in-charge of the Standing Committee on Industry and Industrial Policy, said coordination among various ministries is essential for the implementation of industrial policy.
The Ministry of Finance, Commerce and Industry also need to be specialized. He complained that the entrepreneurs have to pay the high service charge even if they do not get any service in the BSCIC industrial city.
Sometimes the charge is increased by 50% to 60% without consulting the concerned industrialists. Industrialization is being hampered due to high land prices in various industrial cities of BSCIC.
To protect their industry, various countries have imposed various restrictions on foreign products, including anti-dumping duties.
FBCCI senior vice-president Mostofa Azad Chowdhury Babu called on Bangladesh to take the same measures to protect local ventures.
At the meeting, Shamim Ahmed, chairman of the standing committee and president of the Bangladesh Plastic Goods Manufacturers and Exporters Association, said the service sector contributes more than 50 per cent to the economy.
“But the draft industrial policy does not properly address this sector. Although public-private partnership plays an important role in the development of the economy, it is not mentioned in the industrial policy”, he added.
Referring that various countries are moving towards circular economies to ensure sustainable development and FBCCI is also working on this, the speakers demanded that circular economy and logistics to be included in the forthcoming industrial policy.
Among others, the meeting was attended by Co-Chairmen of the Standing Committee Md. Abdur Razzak and Asif Ibrahim, Directors of FBCCI Abul Kasem Khan, Dr. Nadia Binte Amin, former president of MCCI Dhaka Nihad Kabir, FBCCI Advisor Monjur Rahman and CEO of BUILD Ferdous Ara Begum.
