He said the government will finalise the new policy in consultation with all the stakeholders prioritising all the potential sectors.
The minister was addressing a seminar titled ‘Industrialization in Bangladesh: The Next Level’ at a city hotel.
Bangladesh-German Chamber of Commerce and Industry (BGCCI) organised the seminar. Chairman of the National Board of Revenue (NBR) Md Mosharraf Hussain Bhuiyan spoke as special guest at the event chaired by BGCCI President barrister Omar Sadat.
The minister said the current Industrial Policy is based on the Industrial Policy of 1972 and the government has taken an initiative to make it a time-befitting one.
The NBR Chairman said they would extend all required support to the Chamber to facilitate its operations and help boost the export and bilateral trade with European countries.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam, BGCCI Senior Vice President Golam Morshed, Vice President M Moin Uddin Mazumder were present. Incepta Pharmaceuticals Managing Director Abdul Muktadir, among others, spoke on the occasion.
Omar Sadat urged the Industries Minister to engage in conversation with all the chambers and business bodies to deliver a meaningful Industrial Policy.
Mentioning that countries like Japan, South Korea, Thailand, Singapore and Malaysia had been the growth miracle of East Asia over the years, Sadat said Bangladesh is also going on the right trajectory.
He said Germany has now become the largest bilateral development partner of Bangladesh surpassing the USA as the annual bilateral trade volume now has risen to $6.9 billion.
Sadat also suggested framing the Industrial Policy prioritising sectors like RMG, leather and leather products, ICT, and agro- processed foods.
Abdul Muktadir said Bangladesh is now at the crossroad of development.
Highlighting the bright prospects of the country’s pharmaceuticals sector, Muktadir said Bangladesh will be exporting medicines worth billions of dollars abroad, including half a billion dollar per year to Germany, within the next few years.