Businesses at a workshop Thursday urged the government to take initiatives to cut interest rate for minimising operational cost of businesses.
They said besides high rate of interest, interrupted energy supply is also hampering the businesses of Bangladesh, and if the government does not take initiatives to resolve these problems, they will be doomed.
"The interest rates in the neighbouring countries are much lower than that of in our country….the central bank should take initiatives to cut the rate," said Mahbubur Rahman, President of International Chamber of Commerce, Bangladesh (ICC,B).
They were speaking at the workshop titled 'Industrialization Strategies for the Next Decades' at a city hotel.
Industries Minister Amir Hossain Amu spoke as the chief guest of the programme, while Prime Minister's Energy Affairs Adviser Dr Tawfiq-e-Elahi spoke as the special guest.
Ministry of Industries (MoI) and Bangladesh Chamber of Industries (BCI) jointly arranged the workshop, presided over by BCI President A K Azad.
Centre for Policy Dialogue (CPD) additional director Dr Khandaker Golam Moazzem presented the keynote paper.
MoI additional secretary M Farhad Uddin, Bangladesh Energy Regulatory Commission (BERC) chairman A R Khan, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) senior vice-president Monwara Hakim Ali, and BCI senior vice-president Mostafa Azad Chowdhury Babu participated in the workshop along with entrepreneurs and representatives from different trade bodies.
The industries minister called upon the entrepreneurs to explore new markets besides diversifying their products to give a boost to the country's export.
He also stressed the need for setting up industrial units in a planned way by tapping regional trade privileges from the SAARC countries, China and Japan, apart from Europe.
Amu said public-private partnership (PPP) initiative is a must for utilising the potentials that have emerged due to globalization.
The government will take any decision regarding trade and commerce in consultation with the entrepreneurs, he said.
Referring to the country's export of 705 products to 188 countries, he said leather industry in the country is emerging with the potential of being a multi-billion dollar basket.
To feed the industries the government is actively considering import of Liquefied Natural Gas (LNG) and development of infrastructures for it, he added.
Participants in the workshop said Bangladesh's economy got a strong footing, and now the country need not depend on foreign aid for supporting national budget.
The country's Gross Domestic Product (GDP) is on the rise, they said and favoured the government's patronization for flourishing small and medium enterprises (SMEs).
Tawfiq-e-Elahi said the government is trying to resolve gas supply shortage at the soonest possible time. Compressors will be set up in Ashuganj and Bibyana gas-field to increase gas production.
The government is also planning to import gas and electricity from India, Myanmar, Nepal and Bhutan, he also said.
The BERC chairman urged all for ensuring ethical and efficient use of natural energy, as it will not last long.
The ICC,B President said Bangladesh still has shortage of 5,000 megawatts of electricity and this problem should have been resolved earlier.
He said countries like the Philippines have resolved energy crisis within two years.
The participants also underlined the need for strengthening industrialization in seven special zones for employing thousands of people.
They also emphasised installation of coal-based power plants under long-term planning to meet the country's growing energy demand.
