A sole authority taking shape for broader industrialisation

Rezaul Karim | Published: March 31, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

To give country's industrialisation a moving nudge, the government is considering constituting a sole authority to act of its own free will in deciding on fair and integrated industrial projects, officials said.
The move is meant mainly for accelerating the growth of country's industrialisation, by way of upgrading management of industries sector to international levels, they said.
It's seen as an imperative in the developing state of the sector with foreign investors coming in or exploring prospects besides expansion of domestic enterprises.Â Â Â Â Â Â Â Â Â Â Â Â Â Â
As planned, the body will operate under the government's ministry of industries (MoI).
A meeting will be held at the Prime Ministers' Office (PMO) on March 31 in this connection. Principal Secretary Md Abul Kalam Azad will preside, a PMO official said.
Representatives from the ministries of commerce (MoC) and ministry of finance (MoF), Bangladesh Export Processing Zones Authority (BEPZA), Bangladesh Economic Zones Authority (BEZA) and other officials will attend the scheduled meeting, he said.
"A detailed review will be done, if need be, on the proposed sole authority in the country. Recommendations will be prepared if it is constituted," he said. Â
Dr Ahsan H. Mansur, executive director of the Policy Research Institute of Bangladesh, however, sees the new move as unnecessary.
He said, "It will be duplicate agency if it is launched, finally, in the country as a well as it will create extra expenditure for the state and employ some inexperienced people."
The government should utilise the existing BEPZA, BEZA and special economic zones authority's experiences for more industrialisation in the country, he suggests.
If otherwise, it will be a loss of their work stamina, he said.
"A large number of plots of land remained unused across the country. The government wants to use unused lands and so it has moved to form a sole authority for expediting industrialisation in the country," industries secretary Md. Mosharraf Hossain Bhuiyan told the FE Sunday.
The missions of the MoI include accelerating industrialisation through formulating appropriate industrial policy, reformulating and renovating state- owned enterprises, developing SME's, micro and cottage industries, protecting standards of products and intellectual property rights and enhancing productivity, according to the ministry sources.
Also aimed at are promoting industrial growth and development, development of standard up to international levels, eco-friendly and safe industrialisation, development of the high-priority industrial sector, building entrepreneurship and skilled labour force, and initiative to make profitable non-profitable state-owned enterprises.
The country's economy is a rapidly developing. Between 2004 and 2014, average GDP growth was 6.0 per cent. The economy is increasingly being led by export-oriented industrialisation, it is noted in the context of newer initiatives.
Bangladesh's textile industry is the second-largest in the world. Other key sectors include pharmaceuticals, shipbuilding, ceramics, leather goods and electronics.
The country ranks fifth in the global production of fish and seafood. Remittances from the Bangladeshi diaspora provide vital foreign exchange, experts said.
The telecoms industry has witnessed rapid growth over the years and is dominated by foreign investors, they said.
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