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.
Today in the environment of global competition, the private sector is playing an important role in the industrialization of the country. Faced with the challenges of the free market economy and globalization, the government has accepted private ownership and management of industrial enterprises as one of the major guiding forces in achieving economic growth. Besides this, the government has also brought about many constructive and timely reforms in the running of businesses, and liberalized trade so that private entrepreneurs can seize opportunities of establishing and running industrial enterprises profitably and freely.
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. In order to create further employment opportunities beyond the agricultural sector, initiatives should be taken to set up small, medium and large industries across the country. If these types of industries are set up in a planned way, then unemployment rates will decline and poverty alleviation will be accelerated. With these objectives in mind, the Industrial Policy has been radically reshaped.
In order to provide administrative, institutional and infrastructural facilities in the country’s industrialization, there are organizations such as the Bangladesh Standards and Testing Institution (BSTI), Bangladesh Industrial Technical Assistance Center (BITAC), Bangladesh Institute of Management (BIM), Bangladesh Small and Cottage Industries Corporation (BSCIC), National Productivity Organization (NPO) and the National Institute of Textile Training, Research and Design (NITTRED) Textile Vocational Institutes, Textile Diploma Institute and Bangladesh Silk Research and Training Institutes under the Ministry of Textiles and Jute. For the leather industry, the Bangladesh College of Leather Technology and different district level polytechnic institutes provide technical education. These institutes also provide assistance for industrialization by providing training on management and quality control of goods, safeguarding consumers’ interests, producing and repairing import substitute spare-parts used in industries, manufacturing new tools necessary for the production of industrial goods that are in demand, and by improving efficiency and overall productivity. However, many industrial entrepreneurs are not fully aware of the necessary technical and other assistance available for the industrial sector through these institutes. Therefore, extensive publicity is necessary for the proper use of these important institutes and the facilities available there.
In order to further strengthen the country’s industrialization process, the government has identified the Small and Medium Enterprises (SMEs) as a priority sector and as the driving force for industrialization.
The provisions of all facilities for attracting foreign investments have been envisaged in the Industrial Policy. The government has taken an initiative to formulate a separate SME policy to provide entrepreneurs with necessary guidance and...