Semiconductor, pharma should get more attention

This year is very tough for the entrepreneurs and policy makers of Bangladesh, but still there are areas of possibilities. The semiconductor industry can be an area of such new possibilities.

The global semiconductor industry is set to become a trillion dollar sector within 2023. Bangladesh has no footprint in this sector. There is also no political support for it here. The Government of India has taken up a huge project for the development of the semiconductor sector there. Industries worth $37 billion are being set up in that country. About $10 billion was invested in this sector in India last year. We must also emphasise on it here. Along with the private sector initiatives, government policy support should be provided in this regard.

The good news is that last November, the state minister for ICT formed a task force committee for this sector. The committee will work on making policies by considering the potential of this sector, and study what facilities can be provided for domestic and foreign investors. They will also look into the issue of manpower creation for this sector.

If a total ecosystem is developed by creating a sustainable business environment for this sector, it will be the next industry with huge potential for us.

Another potential industry for us is pharmaceuticals. It has already grown in size. A large number of pharmacists have also developed here. Our local industry is doing very well in the global market beyond the border of our country. Our policy for this sector is also good enough. Now, we have captured almost all of the local market with our products.

My view is that now we need to increase our global footprint. The global market is huge. There are also ample opportunities to capture that market. For this purpose, backward linkage including API (active pharmaceutical ingredient) should be strengthened. Along with this, policy support should also be increased to keep the supply chain in order.

DBL Group is working to tap the potential of the semiconductor and pharma industries.

Another significant part of our industrial sector is ceramic tiles, which is an energy dependent industry. It can be a dollar-saving industry if there is a steady energy supply, which has become quite challenging now.

Aside from energy, solving the complexities regarding LCs is a big challenge for the industry this year. Funding for investment is also an important issue. We have very little time in our hands. Along with giving a collective policy support, we have to be careful that there are no obstacles in the process of opening LCs.

Enough funds in the banking sector should be ensured. It should also be ensured that people trust the banks. Besides, it should be ensured that foreign investors find a proper way of conducting operations. The Bangladesh Investment Development Authority and other authorities need to reform their policies. Specific policy support needs to be provided for each sector. Business associations should also work in this regard. We do not have any more time to waste.

MA Jabbar, managing director at DBL Group