On 16 January 2023 at the Ministry of Industries Secretary Zakia Sultana on Monday called for promoting the light engineering sector with targeted action plans.
She was addressing the 8th meeting of the SME Development Working Committee of Business Initiative Leading Development (BUILD), held at the Ministry of Industries.
Ferdaus Ara Begum, CEO, BUILD, presented an analysis titled “Light Engineering Industry Development Policy 2022” at the meeting. From the private sector, Mahbubul Alam, President, Chittagong Chamber of Commerce and Industry (CCCI), co-chaired the meeting and urged the Ministry to keep supporting the sector that has high potential as it contributes 3% to GDP.
While co-chairing the committee, the Industry Secretary said, “We would extensively support the light engineering sector while exploring ways to set up a separate industrial park in BSCIC for the sector and giving special incentives to the sector that shares the domestic market worth $12 billion.”
Having underscored the need for promoting grassroots entrepreneurs of the sector and getting them on board, we will set out specific priorities in line with the Light Engineering Policy, which can be achieved at the earliest, said further referring to some priority proposals of BUILD.
Speaking as the keynote speaker, BUILD CEO said, “Only five countries such as China, USA, India, Singapore and Japan import about USD 2.51 trillion, and Bangladesh enjoys market access in all these destinations, and if we export at least 1% to these places, we can export about USD 25 billion from the sector.”
Having appreciated the active role of the Ministry of Industries in formulating the Light Engineering (LE) Industry Development Policy 2022, she pointed out, “We have room to improve the policy by developing strategy and action plans considering the situation of post-graduation, Made in Bangladesh Campaign for the LE sector.”
Further, she urged the Ministry to consider a dedicated industrial park and industrial cluster, an e-commerce platform for LE entrepreneurs, re-skilling and up-skilling to form a technologically skilled workforce, enforcement of AI, rationalisation of raw material import duty and encourage TT export, strategy to attract domestic and foreign investment to organise the sector.
Dr Md Mafizur Rahman, MD, SME Foundation, informed in the meeting that SME Foundation is currently formulating a cluster development guideline which will work cluster development and promote SMS in the Light Engineering sector.