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Minister marks five fronts against recession fallout

Star Business Report
Despite slow growth in garments and migrant worker flow. Industries Minister Dilip Barua believes Bangladesh will remain cushioned from the impacts of global recession.
"The crisis prevailing in the west may prove to be a golden opportunity for us, Banta told a post-budget discussion yesterday, jointly organised by the Women Entrepreneurs Association of Bangladesh (WEAB) and WEAB Foundation at the BIAM auditorium in Dhaka.
Barua highlighted five specific points that save the country from being affected by the ongoing recession -adequate food production, China. India and Vietnam's incapability to compete with Bangladesh's low-cost garments, employment of 60 lakh Bangladeshis abroad, development of local industries and finally, a strong banking sector.
Former Finance Adviser Dr AB Mirza Azizul Islam spoke as special guest at the discussion.
Founder President of WEAB and WEAB Foundation Chairperson Nasreen Awal Mintoo presented a keynote paper on the proposed budget and its effect on small and medium enterprises and women entrepreneurs. WEAB President Rehana Rahman chaired the event.
The minister also dwelt on the proposed budget, bank interest rate and privatisation of state-owned enterprises (SoEs). "The proposed budget is industry-friendly. For the first time in the country's history, local industries have been protected," he claimed.
On the demands from women entrepreneurs for a SME bank, the minister said this type of bank exists in many countries. “Bangladesh also needs one."
The former finance adviser asked the government to help women entrepreneurs develop designs and products.
He viewed that some viable SoEs could be handed over to women entrepreneurs.
The WEAB foundation chairperson said only 5 percent of women entrepreneurs have access to bank finance. "Only 220 women entrepreneurs have received bank loans since 2007. “
At another seminar on "Budget 2009-2010: Expectations of the New
Generation", organised by Southeast University at the university seminar hall yesterday, the industries minister said the country's reliance on a strong agrobased economy would ensure that it is not severely affected by global recession, giving the industrial sector a chance to flourish.
The country had bumper crop production this year, he pointed out, which shows that Bangladesh would not be as badly affected as other countries.
He went on to add that people tend to keep their savings in bank and not depend on credit cards, which ensures that the banks would not collapse like in the US or UK.
The discussants called on the government to focus on the information technology sectors, offer subsidies for education, women and health sectors, and take initiatives to make the capital market more vibrant.
Dr Salehuddin Ahmed, former governor of Bangladesh Bank, said the national budget should incorporate the views and opinions of the young generation, consumers, civil soci ety members and official stakeholders.
He also stressed the need to focus on the social seen rity of people and bring the informal sector under government protection.
If a farmer who has been farming for twenty years suddenly loses his means of income, he would lose everything, he said.
Chaired by Prof Dr M Shamshcr Ali, v i c e -chancellor of Southeast University, the seminar was also addressed by Pro-Vice Chancellor Prof Dr ANM Meshquat Uddin and School of Business Studies Dean ProfDrSyed Masud Husain.