By investing only Tk 60 billion the country can save Tk 650 billion as import substitute of light engineering products every year, experts said.
As per estimate, the sector is currently manufacturing products worth Tk 250 billion with local technology as import substitute of spare parts for automobiles and major industrial sectors.
More than forty thousand workshops without financial patronage are manufacturing quality engineering products across the country, sources said.
Despite being the mother industry and having a pool of skilled workforce the light engineering industry is yet to take an institutional shape.
Head of Institute of Appropriate Technology, BUET Professor Dr M Kamal Uddin said if patronised by the government this mother industry can save at least Tk 650 billion as import substitute of light engineering products.
He said a pool of skilled workforce is there across the country and if the government train them with modern technology and the financial institutions support them with loans, the sector can earn a lot of foreign currency after meeting local demand for engineering products.
He said though a good number of workshop owners have set up high tech machines with financial support from the government and have been providing quality spares and different tools to the big industries, the majority of them is not getting financial assistance and technological supports.
Abdur Razzak, president of Bangladesh Engineering Industries Owners Association (BEIOA) said, "We have submitted to the government a proposal for some assistance that can flourish the light engineering industry."
He said at this moment the sector needs supports in land availability, appropriate technology, access to finance, raw materials' availability and consortium among the small workshop owners.
The BEIOA president said, "It is a matter of frustration that if we do not upgrade and improve our own engineering industries within a short period, foreign products with high technology will dominate the market at cheaper prices."
Mr Razzaq said despite holding a series of meetings with the officials in this regard the sector is yet to get any support.
Another BEIOA executive committee member said already a good number of foreign brand companies have set up their offices in Bangladesh to promote their products that are already being manufactured by the local workshop owners and being sold at cheaper prices.
He said, "If we are supported by the government and the financial institutions, Bangladesh will not depend on import of foreign engineering products."
He said if investments are made by identifying the viable products, the return would be ten times more from this mother industry within next five years.
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