Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin has called for ensuring the quality of domestic products in order to utilise the potential of the global market for electronics products.
"Once we had to import electrical products. Now about 80% is produced in the country," he said at a meeting of the FBCCI Standing Committee on Electrical and Electronics Merchandise on Saturday.
"Compliance is a big issue for the expansion of the electrical and electronics sector," he added at the meeting held at the country's apex trade body's Motijheel office.
Jashim Uddin said it is possible to supply electrical products to the world market if factories can manufacture quality products, according to a press release.
He also said all the big and small companies are contributing to the economy of the country. The government is also providing adequate security to keep small traders afloat.
"We need to cooperate in formulating policies for them. We have to work for the development of the whole sector not only for the betterment of our own business only," he added.
At the same time, the FBCCI president urged the businessmen to emphasise the establishment of backward linkages.
Mostafa Azad Chowdhury Babu, senior vice-president of FBCCI, said, "We need to extend full cooperation to all sectors, including electrical, which can generate revenue by exporting products."
MA Razzak Khan Raj, vice-president of FBCCI, said although there are policies for almost all sectors including garments and leather, there are no specific policies for the development of electrical and electronics sectors.
As a result, he said, most of the companies in the country face a slowdown except for a few.
"If small and medium entrepreneurs could not survive, they would fail to repay the loans given by banks. As a result, both banks and entrepreneurs will suffer," he added.
Md Sohail Khan, president of the Bangladesh Television Manufacturers Association, demanded a separate industrial zone for this sector.
Engineer Mohabbat Ullah, former director of FBCCI, while presiding over the meeting, cited the lack of data in the electronics sector and said he planned to set up a databank in the sector on his own initiative and send it to the government through the FBCCI.