Bangladesh cabinet okays draft industry policy to spur economic growth

The Bangladeshi cabinet Monday approved the draft of National Industrial Policy-2010 to spur higher economic growth in the country through paving the way for more foreign and domestic investment and employment generation activities.

The approval was made at the regular cabinet meeting, chaired by Prime Minister Sheikh Hasina.

After the cabinet meeting, Bangladeshi PM's Press Secretary Abul Kalam Azad told reporters that the policy will give priority to 28 thrust sectors such as pharmaceuticals, manpower exports, shipbuilding, automobiles, renewable energy and tourism.

Regarding the draft policy, Bangladesh's Industries Minister Delip Barua had earlier said the government is formulating a new industrial policy, including short-term, middle-term and long-term plans, which is important to build a digital Bangladesh and turn Bangladesh into a mid-income country by 2021 as committed by the new government.

He said the small and medium enterprises would also receive priority in the new industrial policy, giving the fact that smaller firms could generate increased jobs and foster economic growth.

The new industrial policy will pave the way to establish separate industrial zones for sectors such as textiles, ceramics and pharmaceutical ingredients, he added.

Source: Xinhua