The cabinet has approved the draft of the National Industrial Policy-2016 in aims to develop the country through rapid industrialisation.
Approval was given yesterday at the weekly cabinet meeting held at the Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
While briefing reporters after the meeting, Cabinet Secretary Muhammad Shafiul Alam said: “As per the new draft, the industries sector has been divided into five categories – high-priority, priority, creative-based service, reserved, and controlled industries.”
“The draft also gives special focus to a list of high-priority industries and creative industries,” he said.
High-priority industries include agriculture and food processing, garments, ICT and software, pharmaceuticals, leather and leather products, and jute and jute goods.
Creative industries refer to sectors in which aesthetic and creative products are produced using artistic, innovative thinking and techniques or modern technology.
The cabinet secretary said: “Under the draft policy, the size of industrial units has been redefined, and a firm with an asset value over Tk50 crore and 300 employees will be considered a large industrial unit. In the current policy, the figures are Tk30 crore and 250 employees, respectively.”
“An industry with an asset value of Tk15 crore and 121-300 employees will be considered a medium industrial unit, while one with an asset value of Tk75lakh to Tk15core, and at least 31 employees will be regarded as a small industrial unit, as per the draft policy,” he added.
The National Industrial Policy 2016 will replace the existing one, in place since 2010.
Citizenship for foreigners double
The government has doubled the fee for foreigners to gain Bangladeshi citizenship.
From now on, foreigners will have to invest $1 million or transfer $2 million through banks in a bid to get citizenship.
Shafiul Alam said foreigners will be provided with residentship for five years for investing $2m in business.
Under the Industrial Policy 2010, foreigners were required to invest $500,000 or transfer $1m to get Bangladeshi citizenship, and invest $75,000 for the residentship.
The cabinet has also approved in principle the draft of the “Prime Minister's Education Trust Fund (Amendment) Act-2016.”
The cabinet secretary said: “According to the draft, post-graduate students will also receive a fund from the PM's trust fund while before it had been offered only to graduate students.”