President M Abdul Hamid on Thursday asked industrial entrepreneurs, businessmen and other concerned to ensure quality of domestic products and bring diversification of production.
"At the time of the 'Fourth Industrial Revolution' with increasing the use of new technologies worldwide, domestic industrial products are facing a tough competition in the international market . . . So, we must ensure quality products simultaneously bring diversification in production," he said this in a recorded video speech, reports BSS.
He said entrepreneurs need to come forward to invest through innovative thoughts as well as with using the latest technologies in a proper manner.
"Multifaceted ideas need to be applied in industrial production to keep pace with local and international business trends without depending on any particular product or service sector," Abdul Hamid suggested.
Stressing on taking care of the environment along with industrialization, the President said, "Workers' hard effort and efficiency are essential to increase productivity . . . For this, the owner-worker friendly relationship is very crucial."
Referring to domestic and overseas investments here, he said employment is very important for development but it is not possible for the government alone to provide employment to this huge population.
"Domestic and foreign investments are mandatory to create huge employment opportunities," the President observed.
A large portion of these economic zones are being allocated among private entrepreneurs, he said, adding, if the industry is set up in the economic zones, the domestic and foreign investors would be able to equally enjoy various incentives payable, including tax rebates.
Terming Prime Minister Sheikh Hasina as a worthy successor of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the President said present government has taken various initiatives to expand industrialization, trade and investment in Bangladesh in the last one decade.
"The trend of industrialization of Bangladesh is moving forward in the light of Bangabandhu's economic philosophy," the head of the state added.
Abdul Hamid said Bangladesh has now become one of the most attractive investment destinations in South Asia due to prevailing various entrepreneur-friendly environment and creative programs have undertaken by the government.
The government undertook pragmatic steps in this regard, including development of communication infrastructure, increase in productivity in industry, diversification of export products, determination of investment friendly tax and tariff structure and special incentives for foreign direct investment.
The President congratulated the 19 award recipients -- esteemed industrial establishments and industrialists under six categories -- for their outstanding contribution to the national economy.
"This initiative would further consolidate the ongoing trend of knowledge-based industrialization and make a positive contribution to the overall national economic progress in days to come," he hoped.
Planning Minister MA Mannan, Industries Minister Nurul Majid Mahmud Humayun and State Minister for Industries Kamal Ahmed Majumder also spoke with Industries Ministry Secretary Zakia Sultana in the chair.