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Govt sets 10pc industrial growth target by 2006

BoI board okays holding of Agri-Invest Bangladesh 2003 fair

UNB, Dhaka
The government has set the domestic industrial growth target at 10 per cent by the year 2006.
According to the Asian Development Bank, the growth rate of local investment stood at 7.3 per cent during the last fiscal year compared to 5.48 per cent in the previous fiscal (2001-2002).
The industrial growth is expected to exceed eight per cent during the current fiscal year (2003-04).
Investment in capital machinery during FY 2002-03 was Tk 4754 crore, an increase of 44 per cent over the previous year.
The figures were revealed at the 17th meeting of the Board of Investment (BOI) held at the International Conference Center yesterday. Prime Minister Khaleda Zia chaired the meeting.
Reviewing the success and progress of the decisions taken at the previous meeting of the BoI, the day's meeting was informed that local investment registered during FY 2002-2003 stood at Tk 11652 crore.
Nearly 85 per cent of the registered projects were implemented or under implementation.
The BoI meeting finalized holding of Agri-Invest Bangladesh 2003 fair to be held at the Bangladesh China Friendship International Conference Center from October 23
to October 25.
The 3-day international exposition will be jointly organized by BoI, Ministry of Agriculture and SouthAsia Enterprise Development Facility (SEDF).
Participants from 15 countries are expected to participate in the investment and trade fair aimed at involving local and foreign agroprocessing industries, entrepreneurs, prospective joint venture seekers, technology suppliers, domestic and international buyers, agri professionals and technologists.
The prime minister asked the concerned officials to intensify the activities of the BoI to attract more local and foreign investors.
She also asked them to intensify dissemination of information, particularly of the incentives provided by the present government, and the attractive industrial and investment policies.
The prime minister further asked them to ensure the quality of Bangladeshi goods and to take more care in improving the standard of packaging.
Pointing at the natural advantage of agro-based and agro-processing industries in Bangladesh, the prime minister told all concerned to give special emphasis in providing logistic support.
It would generate employment as well as reduce poverty, she
reminded.
The Board at yesterday's meeting approved three bighas of land for BoI's own building at Agargaon.
It was also decided that discussion with UNCTAD would be started to review the investment policy of Bangladesh.
The Board meeting appreciated the publication of the maiden edition of Bangladesh Investment Review, a quarterly newsletter of the BOI.
Finance Minister M Saifur Rahman, Textiles Minister Abdul Matin Chowdhury, Industries Minister Matiur Rahman Nizami, Science and Information and Communication Technology Minister Dr Abdul Moyeen Khan, Telecommunications Minister Barrister Aminul Huq, Foreign Minister M Morshed Khan, State Minister for Expatriate Welfare and Overseas Employment Maj (retd) Kamrul Islam, State Minister for Energy AKM Mosharraf Hossain, State Minister for Jute Lutfor Rahman Khan Azad, Bangladesh Bank governor Dr Fakhruddin Ahmed, PM's Political secretaries Harris Chowdhury and Mosaddeq Ali, Principal Secretary Dr Kamal Uddin Siddiqui, BOI executive chairman Mahmudur Rahman and secretaries concerned were present.