Minister promises special zone for gold industry

Published : 10 Feb 2023 09:47 PM

Industries Minister Nurul Majeed Mahmud Humayn has assured of a special zone and necessary policies for the gold industry.

As economic zones are establishing in the country fixing a place in or around Bashundhara can establish a safe zone for gold industry here. Government will provide policy support. It will also act as a regulator, which will operate through regulation and supervision like the economic zone.

He said this while addressing as the chief guest at a seminar titled ‘Possibilities, Challenges and Actions in Jewelery Industry’ organized by Bangladesh Jewelers Association (BAJUS) on the occasion of Bajus Fair-2023 at the International Convention City Bashundhara (ICCB) in the capital on Friday.

Bajus President Sayem Sobhan Anvir presided over the seminar.

Industry minister said, “Gold is very valuable thing. Keeping this in mind, the Ministry of Finance, Bangladesh Bank, Ministry of Industry and Bajus should make a policy for this. There is one principle though. The gold industry will be run on the basis of that principle.” 

He said, “If we can establish refineries, properly supply raw materials - then there is a possibility of gold industry. We have skilled manpower, there is also market. Wherever there are Bengalis in the world, including Bangladesh, there is a demand for gold painting. Foreign investors also talk about this possibility. Mechanism (Policy) is required for this.”

Referring to the use of gold as a kind of floating currency in addition to ornaments, the Minister of Industry said that when people have money, they buy gold. When money is needed, gold is sold and converted into money. Sayem Sobhan Anveer, president of Bajus, said in the presidential speech that the industry minister has assured that a safe industrial zone will be established for the gold industry. Under the leadership of the Ministry of Industry, the Ministry of Finance, the Ministry of Commerce and the Bajus Committee will decide the necessary actions. We want to see it implemented quickly. 

He said, “44 lakh people are involved in the gold industry. If proper government support is ensure this industry will become one of the major industries of the country. It may seem from the outside how much money it takes to establish this industrial factory! According to my knowledge, it is possible to establish this industry with Tk 50 lakh. Then it will grow slowly. 

“We need a safe space for this industry. This is the demand of the entrepreneurs of this sector,” he said adding that, “We want a land of 1000 acres to 3000 acres within Dhaka from the government and tax free facility for 10 years”.