New banking products for light engineering sector advocated

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FE Report
Speakers at a seminar Sunday underscored the need for introducing new banking products and a revised banking policy for the country's light engineering sector's access to finance.
They also said regular training programmes for the workers and introducing a specialised bank for the sector would help tap its potentials.
The seminar on Access to Finance Roadmap for the Light Engineering Sector was held at a city hotel.
Bangladesh Engineering Industry Owners Association (BEIOA) and Business Promotion Council (BPC) in collaboration with IFC-South Asia Enterprise Development Facility (SEDF) organised the programme.
Commerce Secretary Feroj Ahmed joined the programme as the chief guest while Export Promotion Bureau (EPB) Vice Chairman Md Shahab Ullah and SEDF Deputy General Manager Deepak Adhikary were preset as special guests.
Brac Bank Managing Director Rumee A Ali presented the keynote paper in the seminar and BPC coordinator Md Ghulam Hussain moderated the first session.
Citing 31 per cent growth of the sector, the Commerce Secretary said the sector should be aimed at creating around 35-40 per cent jobs in the country.
"We need a push for the sector and it will attain a better geometric progression and play a role in poverty alleviation," he added.
The light engineering sector earned US$ 12.51 million (1.251 crore) in 2002-03, $ 41.47 million in 2003-04, $ 85.20 million in 2004-05, and $ 111.20 million in the 2005-06 fiscal.
It earned $ 173.47 million over the past nine months, according to the EPB sources.
The commerce secretary also said the non-government organisations (NGOs) should come forward to finance the sector.