Work on preparing a development policy for the light engineering industries to boost this sector's contribution to the country's economy is progressing swiftly. The policy will be finalised soon with the participation of the stakeholder, said sources.
The information was revealed on Sunday in a virtual meeting on the progress in implementation of programmes marked by the commerce ministry to develop the light engineering industry sector, said a press release from the industries ministry.
At the meeting, directives were given to officials concerned to develop necessary proposals with the stakeholders including the Bangladesh Industrial Technical Assistance Centre (BITAC), SME Foundation and Bangladesh Small and Cottage Industries Corporation (BSCIC) for inclusion in the budget in the interest of the local light engineering industry.
An initiative has been taken to send a list to the Bangladesh Bank to ensure incentives for small and medium enterprises including light engineering industries which have been damaged due to the coronavirus crisis, said officials present at the meeting.
Industries Secretary KM Ali Azam ordered officials concerned to form a new cell in the BSCIC by attaching high priority to the light engineering industry and to intensify the BITAC's initiative to create master trainers for engineers and labourers working in light engineering enterprises in Old Dhaka's Dholairpar.
Md Abdur Razzaque, president of Bangladesh Engineering Industry Owners' Association, proposed to include the light engineering industry in the Equity and Entrepreneurship Fund to avail the low-cost fund of the Bangladesh Bank.
Kazi Farid Uddin, first secretary of National Board of Revenue, said initiatives will be taken to resolve any complications in the relevant statutory regulatory orders so that the domestic light engineering industries can conduct businesses easily.
Md Mofizur Rahman, managing director of SME Foundation, said, "It is possible to add up to 90% value to light engineering industries' products. If the potential of this industry can be utilised, it will be able to make a significant contribution to the economic development of the country."
Industries Secretary KM Ali Azam presided over the meeting in which Md Zafar Ullah, additional secretary of industries ministry, Anwar Hossain Chowdhury, director general of BITAC, Dr Syed Md Ihsanul Karim, project director at Tools and Technology Institute, and ZinatAra, joint secretary at commerce ministry, among others, participated.