Redefine SMEs and startups in the proposed national industrial policy in order for ensuring adequate financing to have a vibrant private sector in the country, speakers said in DCCI webinar on Sunday.
Participation of women entrepreneurs should get focus in the proposed policy apart from product diversification, skill development, policy reforms, private sector-led economic transformation, technology adaptation, protecting domestic market, facilitating import substitute industry, they mentioned.
Speakers made these remarks at the webinar titled “Private Sector Expectation in the Proposed National Industrial Policy-2021” organised by Dhaka Chamber of Commerce and Industry (DCCI).
DCCI President Rizwan Rahman in his opening remarks also urged for redefining the definition of SMEs to ensure adequate access to finance and policy support to the small and cottage industries.
Echoing the same, Husne Ara Shikha, general manager, SMESPD, Bangladesh Bank said that there should be specific definitions of cluster and startup included in the industrial policy.
“Micro merchants should also be included in the service industry sector. Industry contribution to GDP is 35 per cent out of which only 9.0 per cent comes from large industries, the rest comes from SMEs,” she continued.
She suggested including trading in the Industrial policy, adding that Bangladesh Bank has been facilitating women entrepreneurs at its best capacity with best possible policy assistance.
DCCI president also suggested that Bangladesh can follow the example of Vietnam to prepare a comprehensive industrial policy.
He also mentioned that, after LDC graduation Bangladesh will have to face competition in the global export market due to lack of product diversification. In this regard, signing FTA with potential countries and enhancing trade negotiation skills of the country are very crucial.
Industries Minister Nurul Majid Mahmud Humayun addressed the event as the chief guest and said that the country will be able to reach 40 per cent contribution of industry to GDP.
Moreover, coordinated efforts of the public-private sector to create employment opportunities, establishing skilled backward and forward linkage industries, and expansion of domestic industry are important, he added.
SME is the lifeline of our economy and they should get maximum facility either in fiscal or non-fiscal format, the minister mentioned.
State Minister for Industries Kamal Ahmed Mojumder said protection of domestic industry, IPR management, proper definition of SME, setup cluster based industrial park, sustainable industrialisation and necessary policy reforms will be considered for the next industrial policy as these are key to boost local and foreign investment in the country.
Md Salim Ullah, senior assistant secretary (Policy), Ministry of Industries presented the keynote paper. He said that the industrial policy will focus on how to increase the contribution of the industrial sector to GDP from 35 to 40 per cent as well as reducing poverty and unemployment by creating skilled human resources for the industrial sector.
ASM Mainuddin Monem, managing director, Abdul Monem Limited, said the country’s land policy is not friendly enough and urged for reforming it especially for economic zones.
