Xian Zhu suggests export diversification to face global financial crisis
Thursday, 26 February 2009
World Bank (WB) Country Director Xian Zhu Wednesday suggested Bangladesh to lay emphasis on labour-intensive light engineering industries and diversify export to keep it away from current global financial crisis, reports UNB.
"I think Bangladesh should concentrate on labour-intensive light engineering industries and diversify export not depending only on readymade garments (RMG) to face current global financial crisis," Xian Zhu said while talking to Industries Minister Dilip Barua at his office in the morning.
The WB official pledged all-out cooperation to face global financial crisis if Bangladesh sought any specific support.
He expressed the hope that Bangladesh might turn into a middle-income country before 2021 if it could utilise its cheap labour force through making them trained and skilled.
The WB country director requested the industries minister to incorporate environmental issues in the proposed 'industrial policy' so that sound environment was not hampered in the name of industrialisation.
Xian Zhu suggested the minister to take idea from the policies of neighbouring countries -- Japan, China, Malaysia and Vietnam in formulating industrial policy.
While discussing the flow of FDI, Xian Zhu said: "I think the procedure of foreign direct investment (FDI), especially land acquisition process, should be more simplified to attract investors.
Dilip Barua said the government was heading towards a comprehensive industrial policy for the expected industrial growth in the country.
"We need a modern industrial set up to ensure industrialisation and WB might provide technical support in this regard," he said.
The minister said the government had been working to develop the country into a middle-income one by 2021 and had taken preparation to formulate a coordinated industrial policy.
Laying emphasis on stable political situation the minister said the government would try its best to ensure an industrial-friendly and stable political situation in the next five years.
"I think Bangladesh should concentrate on labour-intensive light engineering industries and diversify export not depending only on readymade garments (RMG) to face current global financial crisis," Xian Zhu said while talking to Industries Minister Dilip Barua at his office in the morning.
The WB official pledged all-out cooperation to face global financial crisis if Bangladesh sought any specific support.
He expressed the hope that Bangladesh might turn into a middle-income country before 2021 if it could utilise its cheap labour force through making them trained and skilled.
The WB country director requested the industries minister to incorporate environmental issues in the proposed 'industrial policy' so that sound environment was not hampered in the name of industrialisation.
Xian Zhu suggested the minister to take idea from the policies of neighbouring countries -- Japan, China, Malaysia and Vietnam in formulating industrial policy.
While discussing the flow of FDI, Xian Zhu said: "I think the procedure of foreign direct investment (FDI), especially land acquisition process, should be more simplified to attract investors.
Dilip Barua said the government was heading towards a comprehensive industrial policy for the expected industrial growth in the country.
"We need a modern industrial set up to ensure industrialisation and WB might provide technical support in this regard," he said.
The minister said the government had been working to develop the country into a middle-income one by 2021 and had taken preparation to formulate a coordinated industrial policy.
Laying emphasis on stable political situation the minister said the government would try its best to ensure an industrial-friendly and stable political situation in the next five years.