84 countries adopt formal industrial policies in five years

At least 84 countries, both developed and developing, have adopted formal industrial development strategies during the last five years.

These countries account for about 90 per cent of global gross domestic product (GDP).

The World Investment Report (WIR) 2018 unveiled the scenario mentioning that industrial policies have ‘become ubiquitous’.

The report was released by the United Nations Conference on Trade and Development (UNCTAD).

It said that in its recent incarnation, the industrial policy is best seen as a package of interactive strategies and measures aimed several objectives.

These include (i) building enabling industrial systems (infrastructure, financial system) and productive capacity (including productive assets, technology and skills) and (ii) supporting the development of internal and export markets.

As an example of industrial policy package, the report mentioned different relevant policy measures taken by Bangladesh.

These are National Industrial Policy 2016, Perspective Plan of Bangladesh 2010–2021, Information and Communication Technology (ICT) Status, Issues and Future Development Plans of Bangladesh, Strategic Priorities of Digital Bangladesh, National Motorcycle Industry Development Policy, and National Science and Technology Policy 2011.