Industrial Policy 2019 will focus on 4IR, Blue Economy

The government is preparing the Industrial Policy 2019, emphasising the Fourth Industrial Revolution (4IR) and potentials of the Blue Economy.
The new industrial policy will replace the National Industrial Policy 2016.
The Ministry of Industries (MoI) recently organised a meeting with the representatives of different ministries concerned to finalise the draft policy.
"We're preparing the new industrial policy, keeping in mind the global demand and the Fourth Industrial Revolution," a high official of the MoI told the FE last week.
He said the new policy will suggest ways on creating more employment in the country. Besides, the government wants to derive more benefits from the country's growing young population.
"We're also considering the country's status in 2041, when Bangladesh will emerge as a developed nation," he added.
The new policy will focus on using modern industrial technology, easy access to finance for the entrepreneurs of small and medium enterprises (SMEs), environment-friendly industrial management, production of quality products, and higher participation of women entrepreneurs.
Besides, setting up more economic zones, industrial parks and cluster-based industries through public-private partnership (PPP) initiative will also be included in the policy.
Local business leaders said the next industrial policy should be prepared by considering benefits of the country's economy and industrial growth through creating more employment.
"It is important to take into cognisance the looming challenges in the next industrial policy," said Mr Asif Ibrahim, former president of the Dhaka Chamber of Commerce and Industry (DCCI).
"To my mind, creation of jobs for the growing population should be given top priority."
"I hope the next industrial policy will address the issue," he added.
The MoI official further said they also organised a meeting in the ministry last month for taking opinions from the stakeholders.
"We will sit with them soon for taking their opinions on the upcoming new industrial policy."
He said the MoI, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the DCCI, BUILD, and others will jointly hold seminars for taking recommendations from the stakeholders.
The First Industrial Revolution used water and steam power to mechanise production, while the second one used electric power to create mass production. The third one used electronics and information technology (IT) to automate production.
Now the 4IR has been taking place since the middle of the last century. It is characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
As a result, the world economy now stands on the brink of a technological revolution that will fundamentally alter the way people live, work, think and relate to one another.
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