The garment and leather sectors in Bangladesh is all set to get a further boost, with the new industrial policy that has received the approval of the Cabinet Committee on Public Purchase recently.
The Industrial Policy 2016, which would replace the existing Industrial Policy 2010, is aimed at giving special focus on a list of high-priority industries and creative industries for next five years, which includes leather and leather products, garment, jute and jute goods, besides agriculture and food processing, ICT and software, and pharmaceuticals, all of which have been in included in the high-priority group.
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“The Industrial Policy 2016 has been approved today (Wednesday) to replace the existing one in place since 2010. The new policy has listed some industries tagging as ‘high-priority’ while the current one entailed a list of ‘priority industries’. The new policy also focuses on creative industries,” said Additional Secretary of the Cabinet division M Mustafizur Rahman to journalists after the meeting of the Cabinet Committee on Public Purchase to approve the new policy.
Commerce Minister Tofail Ahmed, alternative Chairman of the committee, presided over the meeting held at the Cabinet Division office.
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As per the new policy, which would remain in effect for a period of five years, the high-priority industries are the sectors that create large-scale employment through speedy expansion and earn substantial sums of export earning. These industries will get priority in receiving government incentives for rapid development.
Apart from the high-priority industries, the priority sectors and sub-sectors will also get timely and separate investment incentives, according to the new policy. Bangladesh Bank, National Board of Revenue, Board of Investment and other related agencies will reportedly take necessary steps in this regard.
