Businessmen urged to invest more in productive sectors

Staff Correspondent

2 April, 2019 12:00 AM printer

Industries Minister Nurul Majid Mahmud Humayun on Monday urged the business community to come up confidently with more investments in the country’s potential sectors.

The minister made the request when Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) made a courtesy call on him at his ministry office on Monday.

While talking to the delegation the minister pointed out that the government is now providing gas connections to the industries that creates confidence among the business community.

He also said that the leather sector is very promising after the RMG and the government will provide all possible cooperation for development of the sector.

To make the tannery industry more vibrant and effective, the government is setting up the Central Effluent Treatment Plant (CETP) but, he said, the private sector also can set up CETP by themselves.

“The small and medium entrepreneurs are contributing a lot to the country’s economic development as well as creating employment opportunities,” he said adding that the government is committed to facilitate their businesses.

 He further stressed on skill development of SME, product diversification and new market exploration, protection for SMEs and single digit interest rate for SMEs.  He said government is committed to solve any problem of the business community on priority basis.

During the discussion, DCCI President Osama Taseer suggested for allowing Back to Back LCs for industries which are getting priority like RMG sector.

DCCI President said that Foreign Direct Investment (FDI) was increased by 5.12percent to USD2.58 billion in last fiscal although the investment was reduced by 23 percent worldwide.  He also proposed to form "FDI Development Task Force" in order to attract FDI especially in Agro-processing, Pharmaceuticals, Leather, Light Engineering and Jute and Jute Goods sector.

In 2018 credit flow to SME sector decreased to 1.42 percent than the previous year. He called for easy access of SME financing with single digit interest rate to cope up with international market competitiveness. He also urged for rapid formulation and implementation of SME Policy 2018.

“We have to create skilled workforce and for that we need to put emphasis on technical and vocational education as per the demand of the industry”, he mentioned.