Industrial Policy-2016: 1. INTRODUCTION: Bangladesh Is A Developing Country, and The Present

Industrial Policy-2016
1. INTRODUCTION: Bangladesh is a developing country, and the present

government is striving relentlessly to attain rapid economic development in the
country. Many programs taken so far have been carried out successfully. Despite
a lack of resources faced by the government, development programs in the key
sectors have continued. At the same time, considering the importance of the
private sector, an all-out support is being provided to initiatives taken in this
sector. As a result, a new kind of dynamism is under way in both the public and
private sectors. In this backdrop, it is essential to examine various aspects of
industrialization and its impacts on overall economic activities. Given the present
environment of global competition, the private sector is playing an important role
in the industrialization of the country.
2. Goals of this policy:
1. To improve socio economic condition of people through attaining industrial growth

and creating employment opportunity.
2. To increase the contribution of industry sector in GDP from 29% to 35% and the
population of labor force employment will rise from the present 18% to 25% by 2021.
3. To contribute in employment and quality of life for inclusive growth through
industrialization.
3. Objectives of this policy:
1. To formulate the confidence of private enterprise sector in the unambiguous pledge

of govt. with respect to development lead by private sector.
2. Entrepreneurship development through protection, development and expansion of
local industries.
3. To crate friendly environment for small, cottage and Medium enterprise as a main
wheel.
4. To establish export oriented industries and diversification.
5. Encourage and assist to ensure industrially sustainable industrial development.
6. Promoting area wised specialized industries based on agro, forestry, and animal,
natural and marine insurance.
7. Increasing Productivity, quality, and marketing of industrial product.
8. To create vast opportunity for women entrepreneur in industrial sector..
9. To make our local industry into global through information technology.
10. Encourage foreign investment beside local investment .
4. Critically Evaluation:
4.1 Bangladesh Industrial Policy -2016 is formulated to speed up economic growth:
Creative industries have been defined as the sectors producing aesthetic and creative products
by using artistic and innovative thinking and techniques or modern technology. These
include architecture, art and antique, design, fashion design, film and video, interactive laser
software, software, and computer and media programs. According to the new policy, the
high priority industries are the sectors that create large-scale employment through speedy
expansion and earn substantial sums of export earnings. These industries will get priority in
receiving government incentives for rapid development.
4.2 Investment incentives:

To encourage the investors, this policy targets to divide the areas into different sectors
and sub-sectors and these will be prioritized according to their category. Sector wise tax
exemption facilities would be given also. There would be also some facilities in field of
import and export products.
4.3 Preference on export oriented industries:

To reach the goal of sustainable economic development, export-oriented industries will
receive preferential treatment and favorable export policy is going to be formulated. Govt.
will provide special incentives for forward Linkage and Backward Linkage industries.
Nationwide and countrywide transportation system shall be enhanced to smoothen the
export system. For the purpose of importing raw materials, tariff regulation will be
slackened. 10% of the products manufactured in EPZs can be sold in domestic market by
giving required tariff and duty.
4.4 Improvement of small, medium micro and cottage industry:
A well-defined national SME planned is to be formulated to implement the SME policy.
The overall activities of BSCIC and SME foundation have to be encouraged to enhance
the SME sector of Bangladesh. The women would be prioritized in the field of loan
facilities. 15% of total loan sanction would be taken under special consideration for
women.
4.5 Emphasis on women entrepreneur participation:

The new policy has given substantial emphasis on women empowerment in industrial
sector. Women entrepreneurs will be given pre-investment consultancy, incentives and
necessary training. The services will be provided by BISIC, BITAK, SME foundation and
NGOs. Banks will take care of the fact that women aspirants can position themselves
in the sector. To serve this purpose, banks and NBFIs will give them guarantee free
loans and other financial incentives.
4.5 Productivity and the quality of products:

To increase the national productivity, National Productivity Organization (NPO) with
the help of other private entrepreneurs will make annual plan and industry ministry will
keep the process under surveillance. Special attention will be projected on green
productivity. Information about productivity shall be collected from all kinds of public and
private enterprises and it will be stored.
4.6 Foreign direct Investment:

Foreign direct investments will be called upon on green IT& intellectual industries.
Foreign investors will receive Integrated One Stop Service. Foreign investors shall
have access to loan from banks, under current rules, to collect their working capital.
They can add to the respective countrys value chain. If a foreign investor invests
more than 1 million US dollar, he can apply for the citizenship of our country. Like
national investors, foreign investors will also receive tax rebates and royalty fee.
BEPZA, BEZA & EPB will formulate joint regulation for the recruitment of foreign
skilled workers.
4.7 Environmentally sustainable industrial management:

Factories will be pressured to set up ETP & CETP. National and foreign investors
shall be convinced to set up waste management industry. Special appreciation will
be given to build green industries and climate change mitigation industries. No
industry shall be built on intensive cultivable lands. Industrialization is the
prerequisite for sustainable economic development and achievement of social
progress in a developing country like Bangladesh. Therefore, the Government
pledges to take initiatives to accelerate the environment-friendly sustainable
industrial growth in the country. Proper strategies have been set out in the industrial
policy to implement this objective.
5. Recommendations:
Industry specific focused skill development program in order to ensure

availability of skilled human resources and productivity.
Strengthen and intensify coordination among related ministries,
stakeholders, trade bodies and chamber for the implementation of the policy.
Formulate enforceable policy and action plans for solving nagging industrial
energy crisis and improving infrastructure & physical connectivity focusing
on Economic Zones and Industrial Clusters.
Implementation and exercise of intellectual property right in order to enhance
the competitiveness of Bangladesh.
Targeted interventions and adequate insensitive package need to be
developed with the view to facilitate High Priority and Priority industries as
identified in the Industrial Policy.
6. Conclusion:
The Industrial Policy 2016 aims at achieving the sustainability in industrial sector,
reducing unemployment through the adoption of short, medium and long-term
programs to help build a modern and vibrant industrial sector Bangladesh to the
cherished rank of 'middle-income country. Achieving the recently-announced
Digital Bangladesh goal by 2021, and creating employment opportunity for at
least one person from each household in order to reduce poverty and
unemployment loom large among the central policy objectives of the government.
To reduce poverty and generate employment opportunities, more efforts are
needed to establish agro-based industries as well as to raise agricultural production.
This will ensure the protection and fair price of agricultural products and employment
of a huge number of unemployed people

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Industrial Policy-2016

1. INTRODUCTION: Bangladesh is a developing country, and the present

2. Goals of this policy:

1. To improve socio economic condition of people through attaining industrial growth

1. To formulate the confidence of private enterprise sector in the unambiguous pledge

4.2 Investment incentives:

4.3 Preference on export oriented industries:

4.5 Emphasis on women entrepreneur participation:

4.5 Productivity and the quality of products:

4.6 Foreign direct Investment:

4.7 Environmentally sustainable industrial management:

Industry specific focused skill development program in order to ensure

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