DHAKA, Aug 24, 2023 (BSS) - Speakers at a seminar of Dhaka Chamber of Commerce and Industry (DCCI) today observed that light engineering sector, if given right policy support, can serve as the backward linkage industry to many mainstream local industries like food, leather and footwear, electronics, agro-processing and pharmaceuticals industries.

They made the observation while speaking at the seminar on "Import Substitute Industry in Bangladesh: Perspective of Light Engineering Sector" held at DCCI in the city, said a press release.

Planning Minister M A Mannan was present as the chief guest while Secretary of the Ministry of Industries Zakia Sultana was present as the special guest.

DCCI President Barrister Md. Sameer Sattar chaired the seminar.

M A Mannan said that if Korea, Taiwan, Malaysia and China could make success in the light engineering sector, then Bangladesh will also be succeeded in future and "we are in the right track".

He said that there are challenges but the private sector of Bangladesh is resilient enough to overcome these challenges and from the government all possible policy support will be given.

Inconsistency among the government agencies regarding different policies is not good for private sector, he added

He said, "If we can formalize the local small light engineering hub at Dholaikhal and Jingira, one day they will be able to contribute to the economy."

He urged for policy consistency and said that at present the public-private partnership and relationship are at its best as the government is very business friendly.

Zakia Sultana said that Bangladesh's light engineering sector is still import based.

The light engineering sector is an untapped sector and it has great prospects of creating a large backward linkage industry ensuring diversified industrial base, she added.

She said the light engineering industry development policy 2022 has already indicated a comprehensive action plan for 2022-2027.

She also said that the entrepreneurs of this sector should be incentivized to mitigate import reliance.

Sameer Sattar said light engineering sector has been recognized as a high-priority sector in the Industrial Policy 2022 to provide sufficient incentives to ensure substantial growth.

To secure the target of private investment to 27.35 percent of GDP by FY 2025, development of the light engineering sector is crucial as it will strengthen local value and supply chain in many allied industries, he added.

He said the current tariff structure on import of light engineering products is counter-productive for the growth of the local light engineering sector.

In this regard, he said, a study is needed to know further the needs and bring appropriate changes in the tariff structure that will protect this sector.

Additional Managing Director of Walton S.M. Shoyeb Hossain Nobel presented the keynote paper.

DCCI's Senior Vice President SM Golam Faruk Alamgir (Arman) gave vote of thanks. DCCI Vice President Md. Junaed Ibna Ali was also present on the occasion.