Proposed budget committed to supporting local industry: Fair Group

The 'Made in Bangladesh' announcement of Finance Minister AHM Mustafa Kamal in his budget speech is a state commitment to supporting local industrialists who are investing heavily to produce world class products in the country.

Chairman and Managing Director of Fair Group, Ruhul Alam Al Mahbub, made the observation in a reaction to the proposed budget for fiscal year 2021-22, says a press release.

He said entrepreneurs will be inspired by this announcement of protecting domestic investment. It will encourage them to build new industries and factories which would decrease our import dependency and create more employment opportunities. It will also accelerate the country's economic progress rapidly, brightening the image of Bangladesh all over the world.

Al Mahbub said, "Fair Group has already made huge investments in the electronics and car industries. It is our firm belief that tax exemptions and tariff benefits in the proposed budget will assist these two sectors far into the future."

"Around 90% of the local smart phone market will be occupied by locally made smart phones within this year. We are now making smart phones and smart phone motherboards in the country. The tax exemption facility in the proposed budget is sure to create a favourable environment to invest in the mobile phone battery industry," he added.

He said, "At present, refrigerators, air conditioners, televisions and a variety of home appliances are being produced in the country. The proposed budget has created great potential for investment in the backward linkage industries of refrigerators, air conditioners ,and televisions."

Observing that due to various steps taken by the government in the proposed budget, investment in the car manufacturing and assembly industry will increase significantly, the Fair Group chairman said, "Those who have already invested in this sector will also benefit. Fair Group is going to invest heavily in manufacturing electric cars and its ecosystem. Many more entrepreneurs will surely come forward to invest in this sector now. We believe the automobile sector will consequently undergo a revolutionary change in the next four to five years."

He said, "Overall the proposed budget is undoubtedly an investment friendly budget. We hope the tax and tariff measures proposed in the budget will be properly implemented. This will create employment for a large number of people through new investments. Our beloved country will move forward more rapidly on the path of development. Innumerable goods produced in Bangladesh will reach crores of people at home and abroad, with the tag, 'Made in Bangladesh'."