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Business leaders endorse Fifth Plan but doubtful about funds
The business community yesterday endorsed the Fifth Five Year Plan that envisages private sector as the engine of growth, but appeared doubtful about whether they would get the financial support to play the expected role, reports UNB.
They expressed their full support to the objectives of the plan when State Minister for Planning Dr Mohiuddin Khan Alamgir explained it to the business leaders. The plan will be finalised later this month.
Dr Alamgir informed that the plan envisages at least 7.2 per cent annual GDP growth during its period when the pri vate sector would play the lead role, spending 58 per cent of the total projected resources.
He estimated that the private sector would channel 20 per cent of the total investment as equity financing while the rest 80 per cent would be supplied from the country's financial system.
Yussuf Abdullah Harun, the FBCCI president who led a team of businessmen to the meeting, said the reliance on the private sector is alright, but they are al-
ready facing problem to mobilise funds.
"It has already become difficult to get money from the banks." he told the meeting at the NEC conference room. Indicating that banks might be unwilling to lend with only 20 per cent equity from the entrepreneurs.
Shafiullah Chowdhury, an FBCCI executive member, pointed out the gap between the projection in the plan and the existing policy which suggests that banks give priority to the investment proposals having 50 per cent equity participation.
"Your policy is calling for a 20 per cent equity participation while the finance minister is talking about 50 per cent," he said.
Dr Alamgir said the projection is realistic and observed that only a very small number of entrepreneurs would come up for setting up Industries if they have to put 50 per cent of the total project cost.
Those who are talking about 50 per cent equity participation are not talking about
industrialisation." he remarked
In this context, he said the government should follow a more expansionary monetary policy for the sake of development. He pointed out that the existing monetary policy is contractionary and conservative.
We also have to go for undervalued exchange rate from the current overvalued exchange rate to Increase export in a sustainable manner." he said.
The state minister also agreed with the FBCCI chief who said bank financing to the industrial sector should not be stopped while recovering the overdue loans from the drfault-ers.
We have to realise the overdue loans, but at the same time we have to keep running the wheel of industrialisation." he said.
Yussuf Harun said the main problem lies in the implementation process. "We had excellent plans earlier." he said.
For the smooth implementa-tion of the plan, he suggested private sector capacity building. He also called for complete reorganisation of the Board of Investment (BOI) and the Export Promotion Bureau (EPB).
The FBCCI president suggested creation of a link between BOI. EPB. Foreign Ministry and the private sector for export growth. Selective support to some export sectors like leather and electronics was also suggested in the meeting.
Stressing on speedy liberalisation. Harun pointeci out that the previous liberalisation efforts did not succeed because some sectors had failed to carry out necessary reforms.
"If we fail to reduce the cost of transaction, liberalisation would be disastrous for us. Liberalisation should go hand in hand with reforms in other sectors." he said.
The FBCCI chief said they are ready to play the leading role in the next five years, but "our hands should not be tied." He sought proper support from the government.
An FBCCI executive committee member. Noor Alt. cited bureaucratic problems as one of the main hurdles to Industrialisation. He said he had to wait 11 months and collect 350 signatures to get a gas connection for his brickfielcL
Dr Alamgir assured that the government would extend every cooperation to the private sector to achieve the targets of the plan and said the reliance on the private sector in the plan is a "revolutionary step."
He said the government would treat the entrepreneurs as patriotic citizens.
The minister agreed that the pace of privatisation should be accelerated. He also suggested that the four parties of the sick units — workers, management, owners and banks — should sacrifice in rehabilitating them.
About the problems of the private sector, ne said he would suggest the prime minister to form an advisory body — The Prime Minister's Enterprise Council" — with representation from the private sector.