Industrial Policy 2016 is set to be placed at the cabinet meeting today seeking its approval with Prime Minister Sheikh Hasina in the chair, official sources said.
Last month the cabinet committee on public purchase approved the five-year policy which gives special focus on a list of high-priority industries and creative industries. The policy formulated by the industries ministry will replace the Industrial Policy 2010.
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 earning. These industries will get priority in receiving government incentives for rapid development.
Six sectors in the high-priority category include agriculture and food processing, garment, ICT and software, pharmaceuticals, leather and leather products, and jute and jute goods.
The creative industries mean 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 programmes, according to the new policy.
A new arrangement is underway to map out the creative industries across the country under fresh policy and the government is going to provide policy and institutional support for expansion of those industries.
The priority sectors and sub-sectors will get timely and separate investment incentives, according to the new policy.
Bangladesh Bank, National Board of Revenue, Board of Investment and other related agencies will take necessary steps.
Particular investment incentives, incorporate subsidies and tax and duty rebate will be proposed for the areas falling behind economically and in industrialisation.
Under the fresh policy, the sizes of industrial units will be redefined and a firm with an asset value of above Tk50 crore and having 300 employees will be considered as a large industrial unit. In the current policy, the figures are Tk30 crore and 250 employees respectively.
But if a garment unit having a staff of more than 1,000 will fall under the big industry category, according to the new policy.
