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Plea to protect poor states' industries

Star Economic Report
The leaders of Banftodesh Chamber of Industrie* (BCI) made on Monday strong pleas with the visiting World Bank (WB) appraisal team for strong and effective protection to focal Industries
Without protection, the industries in a least developed country like Bangladesh al their nascent stage of growth will not survive, they said
The discussions with the WB team were held at the office of BCI to review the performance in country's industrial sector and to consider impediments to rapid industrialisation. The main focus of the discussions waa on the bank s objections to some pro-
vtaiona under the draft Indus lrial policy
Pham Van Thuyet. Senior Industrial Economist of Industry and Energy Division Asia Department, accompanied by another WB official, repre sented the Bank tn the discus Mons
Acting President of BCI Sharif M Afzal Hossain appraised the delegation of vart ous problems still lingering tn the industrial sector.
All Ahmed Khan. Vice President of BCI and Chairman. Bangladesh Steel and Engineering Corporation (BSEC). Mohammad Masud Alt Khan. Managing Director. Sena Kalyan Sangatha. Md. Nazmui Islam Managing Director. Hay
Electric Industries. Al-Haj Abdur Rashid and. other BCI Directors took part in the di* cusston. They pointed out the problems faced by industrial operators tn various sectors, and stressed the need for pro tection and availability of in-dustrial credit funds at concessional rates of interest
Responding to the demand for protection by BCI Directors, the WB side noted that concessions and financial incentives were given to the private investors tn Bangladesh for a pretty long time but there was no favourable impact of the, same on Investments and industrial performances
The WB official observed that such protection and con-
cessions could never be a permanent arran^ment while the rationale for sound economic management remained distorted and the interest* of the consumers lay neglected
The BCI leaders argued that the inudustry in Bangladesh had begun to flourish only a decade ago and It would need more time for expansion and sustained growth They saki ft nancial Incentives, selective subsidies in areas such as fuel, transport, and utility services and preferential tariffs will be needed to promote dispersal of the industrial base to the under developed and least de vefoped area*.
The BCI leaders stressed the need for effective govern-
ment action* to curb smug fling and save the Industries from an uneven competition
The WB team agreed that smuggling operations would need to be curbed. The BCI Directors felt that such opera tlons were peculiar In nature in the context of Bangladesh s geographical location and could not be explained by con ventional economic wisdom
The BCI functionaries urged the delegation to review the stipulations of earlier loan agreements with the Bank regarding earmarking of in vcstible fund for least devel oped area and the concession ary rate of interest enjoyed by the export-oriented industries
The BCI functionaries said.
shortage of capital is a major impediment to rapid Indus triahsatton in the country They stated. most en trepreneurs do not have funds of their own and they are de pendent on institutional sources for credit* But due to complicated formahttes. th< institutional sources of Indus trial development funds can not be properly utilized they added
About the impediments to rapid industrialisation in Bangladesh the membe rs o| BCI noted that technological backwardness, lack of proper demand forecast and moden marketing techniques were the most difficult problems