Govt to back light engineering sector, says state minister

FE REPORT | Published: August 22, 2020 20:58:53

State minister for industries Kamal Ahmed Majumder said on Saturday the government is actively considering providing necessary support to the light engineering sector for having enormous potential.
Support will be similar to that of the readymade garment (RMG) sector, he added.
"We are considering providing all support including policy ones to the light engineering sector that will be similar to the RMG sector," he said while addressing a zoom online discussion in the capital.
Bangladesh Industrial and Technical Assistance Centre (BITAC) which is under the ministry of industries and The Daily Jugantor jointly organised the discussion titled "The problems and prospects of light engineering sector: And way forward".
Editor of the daily Jugantor Saiful Islam presided over the event which was attended by industries secretary K M Ali Azam as the special guest.
Director General of BITAC Dr Md Mofizur Rahman moderated the discussion.
While speaking as the chief guest, the junior minister also said, "We will consider imposing the same value added Tax (VAT) rate on import of light engineering goods or their production here."
He said the light engineering sector could play an important role in implementing the government's vision 2041.
And the ministry is working for the development of the country by utilising the potential of the light engineering sector, he added.
Mr Majumder assured the entrepreneurs of the sector that they would help them penetrate into the foreign markets.
The discussants suggested providing proper training to the persons involved with the light engineering sector and access to finance for the entrepreneurs of the sector.
The local light engineering workshops in the country have been contributing a lot through producing and supplying spare parts of agriculture, motor vehicles, river vessels and printing machinery and helping the country save huge foreign currencies.
There are about 50,000 light engineering factories in the country. Some 0.8 million people are directly and 6 million people are indirectly involved with the sector for earning their livelihoods.
The global market size of the light engineering sector is around US$8trillion, according to the sector insiders.
President of Bangladesh Light Engineering Owners Association Abdur Razzaque, chairman of Bangladesh Small and Cottage Industries Corporation Mostaque Hassan, ndc, managing director of SME Foundation Shafiqul Islam, director of BITAC Dr Ihsanul Karim, and member of Bangladesh Trade and Tariff Commission Shah Md Abu Raihan Al Berunialso took part in the discussion.
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