Businesses urged to change attitude of depending on govt for industrialization
Friday, 12 June 2009
FE Report
Finance Minister AMA Muhith in his budget speech on Thursday urged the business community to change their traditional attitude of depending on the government for industrialisation.
"We are providing incentive … for the private sector but I would like to ask for a change needed in the traditional paradigm of dependency on the government for industrialisation," he said.
The minister said the number of sick industries is very large, inefficient diversification and upgradation of industrial units and bankruptcy in dynamic industrial sector is common and salvation is routine.
The industries affected by the global meltdown will be given support packages on case-by-case approach, said the finance minister at his budget speech on Thursday.
"Bangladesh Bank has already issued necessary directives in this regard," he said.
The government will not disinvest any state-owned enterprise (SoE) in the next fiscal due to uncertain environment, he added.
No SoEs will be closed without making alternative arrangements for the likely displaced workers, the minister said.
It is in the process of formulating new industrial policy, which will reflect election manifesto, Mr Muhith said.
"The people's creative and ingenuity will play a vital role in the industrialisation process," he said.
The minister identified some priority sectors which need special attention.
The sectors are agro processing, garments and knitwear, leather goods, toys, furniture, consumer durables, drugs and pharmaceuticals, ship building, light engineering goods, and information and communication.
The government will pursue private sector led growth and create investment-friendly environment to attract local and foreign investors, Mr Muhith said.
Small and medium enterprises, cottage industries, self-employment and self-motivated economic activities are the key fundamentals to the overall development, he added.
Laws, rules and procedures to set up industries will be simplified and transparency in the Board of investment will be brought, the minister said.
Finance Minister AMA Muhith in his budget speech on Thursday urged the business community to change their traditional attitude of depending on the government for industrialisation.
"We are providing incentive … for the private sector but I would like to ask for a change needed in the traditional paradigm of dependency on the government for industrialisation," he said.
The minister said the number of sick industries is very large, inefficient diversification and upgradation of industrial units and bankruptcy in dynamic industrial sector is common and salvation is routine.
The industries affected by the global meltdown will be given support packages on case-by-case approach, said the finance minister at his budget speech on Thursday.
"Bangladesh Bank has already issued necessary directives in this regard," he said.
The government will not disinvest any state-owned enterprise (SoE) in the next fiscal due to uncertain environment, he added.
No SoEs will be closed without making alternative arrangements for the likely displaced workers, the minister said.
It is in the process of formulating new industrial policy, which will reflect election manifesto, Mr Muhith said.
"The people's creative and ingenuity will play a vital role in the industrialisation process," he said.
The minister identified some priority sectors which need special attention.
The sectors are agro processing, garments and knitwear, leather goods, toys, furniture, consumer durables, drugs and pharmaceuticals, ship building, light engineering goods, and information and communication.
The government will pursue private sector led growth and create investment-friendly environment to attract local and foreign investors, Mr Muhith said.
Small and medium enterprises, cottage industries, self-employment and self-motivated economic activities are the key fundamentals to the overall development, he added.
Laws, rules and procedures to set up industries will be simplified and transparency in the Board of investment will be brought, the minister said.