President for ensuring quality products with diversification

President M Abdul Hamid today asked industrial entrepreneurs, businessmen and others concerned to ensure the quality of domestic products and bring diversification of production.

"At the time of the 'Fourth Industrial Revolution' with increasing the use of new technologies worldwide, domestic industrial products are facing tough competition in the international market . . . So, we must ensure quality products simultaneously bring diversification in production," he said in a recorded video speech.

On the occasion of the "President's Industrial Development Award-2019" at Osmani Memorial Auditorium, the President asked the industrial entrepreneurs to take necessary steps to ensure the workers' welfare.

He said entrepreneurs need to come forward to invest through innovative thoughts as well as with using the latest technologies in a proper manner.

"Multi-faceted ideas need to be applied in industrial production to keep pace with local and international business trends without depending on any particular product or service sector," Abdul Hamid suggested.

Stressing on taking care of the environment along with industrialisation, the President said, "Workers' hard effort and efficiency are essential to increase productivity . . . For this, the owner-worker friendly relationship is very important."

Referring to domestic and foreign investments here, he said employment is very important for development but it is not possible for the government alone to provide employment to this huge population.

"Domestic and foreign investments are mandatory to create employment opportunities," the President observed.

Mentioning the incumbent government's various development plans, he said, "The government is working to create 100 economic zones for domestic and foreign investors. It is aimed to create employment opportunity for 10 million people, simultaneously the additional USD40 billion export earnings target."

A large portion of these economic zones are being allocated among private entrepreneurs, he said, adding, if the industry is set up in the economic zones, the domestic and foreign investors would be able to equally enjoy various incentives payable, including tax rebates.

The President called Prime Minister Sheikh Hasina as the worthy successor of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and said the incumbent government has taken various initiatives to expand industrialisation, trade and investment in Bangladesh in the last decade.

"The trend of industrialisation of Bangladesh is moving forward in the light of Bangabandhu's economic philosophy," the head of the state added.

Abdul Hamid said Bangladesh has now become one of the most attractive investment destinations in South Asia due to the prevailing entrepreneur-friendly environment and creative programmes undertaken by the government.

The government undertook pragmatic steps in this regard, including the development of communication infrastructure, increase in productivity in industry, diversification of export products, determination of investment-friendly tax and tariff structure and special incentives for foreign direct investment.

The President congratulated the 19 award recipients -- esteemed industrial establishments and industrialists under six categories -- for their outstanding contribution to the national economy.

"This initiative would further consolidate the ongoing trend of knowledge-based industrialisation and make a positive contribution to the overall national economic progress in days to come," he hoped.

Planning Minister MA Mannan, Industries Minister Nurul Majid Mahmud Humayun and State Minister for Industries Kamal Ahmed Majumder also spoke there with Industries Ministry Secretary Zakia Sultana in the chair.