Govt mulls restructuring import duty to protect industries

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The government has planned to restructure the current import duty to protect domestic industries and ensure their expected growth in the changed context, instead of handing out cash stimulus, Industries Minister Dilip Barua said Wednesday, reports UNB.
"We must have to protect local industries and we've already discussed duty restructuring which will hopefully be reflected in next budget," he said during a meeting with the leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the ministry.
FBCCI President Annisul Huq led the delegation while First Vice President Abul Kashem Ahmed, Vice President Abu Alam Chowdhury and directors of the apex chamber were present at the meeting, where they placed a package of suggestions for helping businesses.
Barua told the business leaders that there was no alternative to industrialisation and domestic industries must be protected for the sake of labour. "Industry is the principal and basic agenda of the incumbent government," he said.
He felt that the interest rates on bank loans should come down to single digit for the growth of local industries. "I've already made comments in favour of single-digit bank-loan interest publicly and it would be better than stimulus package."
The chief of the leftwing Samyabadi Dal, a component of the ruling Awami League-led grand alliance, firmly said no new EPZ (export processing zone) would be set up in the country as foreign investors became the highest beneficiaries of such industrial zoning.
"We've discussed the issue with Prime Minister Sheikh Hasina and decided to set up special economic zones in the country for better industrialisation," he said about the policy change under the new government, as the business leaders pleaded for setting up more EPZs.
The minister said the government would formulate a law for sick industries and wished a balance in the 'Financial Credit Law' through bringing necessary amendment into it.
"The existing law does not preserve the interests of the borrowers rather only serves the lenders," he said.
He urged the business leaders to be more assertive to play a vibrant role in the economy as economics was the basic structure of society.
Discussing the upcoming industrial policy, he said they were giving priority to three sectors - small, cottage and light engineering - in the policy.
"We're heading for a comprehensive plan so that it can sustain, no matter whoever comes to power," said the industries minister.
He said the government was in favour of simplifying visa process for smooth business dealings worldwide.
Dilip Barua said that the government had already finalised the waiver of licence fee (Tk 0.5 million) for operating captive power plant in mills and factories.
He urged all to work unitedly so that none could create anarchy in industrial sector like educational institutions. "The government will not tolerate it if anybody wants to create problem in this sector," he said.
Earlier, the FBCCI leaders placed a set of recommendations before the minister, including immediate steps for solving power crisis, decision over sick industries, decreasing bank-loan rate, decentralisation of administration and setting up more EPZs.