Businesses fail to take full benefit of industrial policy: FBCCI

Coordination among ministries is vital for the implementation of the industrial policy, says a leader of FBCCI

Businesses cannot avail various incentives offered in the existing industrial policy because of legal complexities, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said yesterday.

Under the circumstance, the apex trade urged the government for creating legal provision so that entrepreneurs can enjoy the benefits given in the industrial policy, said participants at a meeting of the FBCCI standing committee on industry and industrial policy.

Coordination among ministries is vital for implementation of the industrial policy, said Mostofa Azad Chowdhury, senior vice-president of FBCCI and director-in-charge of the standing committee.

The view comes at a time when the government is going to formulate the National Industrial Policy 2021.

The services sector contributes more than 50 per cent to the economy, but the draft industrial policy does not properly address this sector, said Shamim Ahmed, chairman of the standing committee and president of the Bangladesh Plastic Goods Manufacturers and Exporters Association.

Among others, the meeting was attended by Md Abdur Razzak and Asif Ibrahim, co-chairmen of the standing committee.