Government Policy

Category: English Published on Thursday, 21 August 2014 Written by Super User

The Ministry of Commerce, Government of Bangladesh has taken a number of steps to create a conducive environment for the Light Engineering Sector. Recently Ministry of Commerce, has set up the Light Engineering Product Business Promotion Council (LEPBPC) with a view to:

In the Export policy 2003-2006, the Government of Bangladesh had identified the following five sectors to have the High Priority: Light Engineering Products (including auto-parts and bi-cycles), Software & ICT products, Agro-products & Agro-processing products, Leather goods and High value-added readymade garments.

The Export Policy promises the following support to sectors of High Priority:

In Bangladesh, various reform measures have yielded macro-economic gains in cutting down fiscal and current account deficits, improving balance of payment, reducing external dependence for development programs, and maintaining healthy foreign exchange reserves and containing inflation rates. The Government believes that the key to sustained economic growth lies in investing in infrastructure and human resource development. This requires enormous capital. As in most developing countries, insufficient capital formation is the major constraint in Bangladesh as well. Therefore, in order to attract direct foreign investment the Government has offered one of the most liberal investment incentive packages to foreign investors. This includes:

Bangladesh with a large and adaptive workforce is well positioned having close proximity to the large market of the South Asian countries, constituting one-fifth of the world population on the one side and the fast growing vast market in South East Asian countries on the other.
Bangladesh can provide a low cost production base in several sectors like light engineering industries, agro-based industries, food processing and preservation, development of poultry, dairy, fisheries and livestock, leather, rubber based industries, textiles and infrastructure development.

China and Bangladesh, two friendly neighboring countries, have been enjoying stable and healthy mutual relations ever since the establishment of diplomatic relations - with great achievements in trade and economic cooperation and exchanges. In recent years with personal concern and support from leaders from both countries, mutual trade and economic cooperation have gained momentum for further development and this is also the result of the involvement of enterprises of the two countries.

The business enterprises in Bangladesh are eager to increase cooperation in trade and investment with the Chinese. Bangladesh Engineering Industry Owners? Association (BEIOA), the representative trade organization of Light Engineering sector in the country will extend all support and cooperation to increase trade deals and investment in Bangladesh. Until formal relationship is established with the counterpart private sector organization in China, BEIOA will with Chinese Embassy in Dhaka to assist necessary contacts and interaction.

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