After
independence, the first generation of industrialists helped in the development
of small and medium industries in Bangladesh. Now the second generation
entrepreneur group has been working to develop heavy industries in the country.
Heavy industries are the main wheel to start journey towards a developed nation,
now Bangladesh is walking in the same path. But there are big challenges in the
big industry. If the investors do not get proper government support and
necessary infrastructural and other facilities, the industrial sector is
affected. The government will have to ensure necessary assistance for big
industrial development.
For a
decade of independence, the country's industrial sector rely on few small-scale
industries, such as Jute, Paper mills, Sugar mills, Handloom factories, and
cottage industries etc. The jute mill or paper industry was all under
government control. Now, almost all of these sectors are moving ahead to
private companies. Bashundhara Group has established Asia's largest paper factory
in the country. The Paper Mills of this group are exporting paper goods abroad
after meet the domestic demand. Private entrepreneurs are also in the process
of refining sugar. They are now seeking to export the refined sugar abroad.
According
to the Export Promotion Bureau (EPB) data:
- Total export earnings in the 2008-09 fiscal years were 15.5 billion US dollars. Of this, the RMG industries contributed 12 billion dollars. Only 3 billion dollars came from other sectors.
- After a decade now, the export income of the other sectors, except for the garment, has doubled. The export earnings in RMG sector exceeded 30 billion dollars in fiscal year 2017-18. Export revenue from other sectors was 6 billion dollars which is more than BDT 50,000 Crores.
- The number of products exported was 27 by 2008-2008 fiscal years. The engineering quotas mentioned only two types of products, bicycles and iron chains.
- After one decade, the number of exports products of the company has doubled in the financial year 2017-18. Renewed engineering products include Iron Steel, Copper wire, Stainless steel wire and other engineering materials.
- Slowly new products are being added to the export sector. Alongside the garment industry, light engineering, medicine, footwear, paper, cement and software industries are contributing to the increase in export earnings. Diversification in the export sector is increasing.
- A decade ago, there was no information on Paper and Cement export in the EPB list. These two products have emerged as the export target for the EPB. In the last fiscal year, the export of paper and paper based products has increased to 75 million US dollars.
- Export revenue of cement is about 13 million dollars. Bangladesh is now self-contained in the production of cement. The country is now producing 30 million tons of cement per year and the production capacity is 60 million tons.
Even a few
years ago, there was a need to rely on foreign materials to build large
infrastructure, now there are many building materials are available in the
country. The mega project ‘Padma Bridge’ is being built by domestic brand cement.
Not only that, the government has made a deal with local cement companies, to
construct Rooppur nuclear power plant, another mega project of nearly BDT one
lac crores.
The
textile and garment industries being built by private enterprises have stood as
the pole of the economy over the last few decades. Bangladesh is moving ahead
in other industries as well as progress of medicine in the private sector.
The
progress of the industrial sector is also affecting the country's gross
domestic product (GDP). According to the estimation of the Bureau of
Statistics, GDP growth will stand at 8.13 percent in the current fiscal year.
In the last fiscal year, the GDP growth rate was 7.86 percent. If this is the
case then final GDP will exceed 8 percent for the first time. The government
policy-makers believe that the industry has played a major role mainly due to
the 8 percent growth in GDP growth in just last three years, and the breakdown
of the 6 percent circle.
The growth
of industrial sector has increased in size. Agriculture, Industry and Service -
The growth of these three sectors is added to the GDP. In the agricultural
sector, at the end of the current fiscal year, the growth will be 3.25 percent,
which was 4.9 percent of the last fiscal year. The growth in the services
sector is 6.50 percent, which was 6.9 percent in the last fiscal year. Industry
sector growth will be 13.02 percent, which was 12.66 percent in the last fiscal
year. It is not impossible to achieve double-digit growth in the next three
years of 2020 due to the pace of production being achieved.
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