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EVEN the importers of energy drinks and similar consumption products can claim that they are contributing to business activity since their efforts involve marketing and distribution. However, it is questionable whether such activities are consistent with what should be the main economic policies such as wealth creation from, or value addition to, preferably local resources to create sustainable jobs and income for the greatest number of people.
From paper making to making parts for automobiles, there are many feasible investment outlets awaiting in new jute-based products. Investments in these new jute-based industries can reverse the present position of gloom in the jute sector and create a major favourable impact on the economy from import substitution, exports and internal job creation. Clearly, these fields ought to attract the notice of investors who are searching new investment opportunities and the same should receive the best assistance from the government.
The government has also declared agriculture-oriented industries as the new thrust sector. Investments in this sector would be especially welcome because the same could play a role in increasing income of poor people who are concentrated mainly in the rural areas apart from the earning of substantial foreign exchange. The private sector ought to take greater interest to invest in these industries and the government should facilitate their enterprising in this sector.
The small and medium enterprises (SMEs) covering mainly enterprises in the various industrial or manufacturing sectors have good prospects. Apart from import substitution, these enterprises are looked upon as having much potential to create employment for a vast number of people and to continue to play such a role over the medium and long terms. Unfortunately, the SMEs are stagnating for many reasons. It appears that lack of proper institutional credits to them is a major reason for their stagnation. Banks and other financial institutions appear more interested to finance trading and services or big industries, but not the SMEs. This skewed policy is, thus, not helping the SME sector to flourish, which has otherwise great possibilities in terms of increasing industrial output, effecting import substitution and reducing the number of the unemployed.
Therefore, paying of more attention to the needs of the SMEs is fully justified. Government policies ought to favour SME development and the private sector also should realise that investments in the SMEs can be gainful for them.
Accelerating the rate of investments -- especially the desirable investments in industries -- would call for a more helpful role of the government. Entrepreneurs in many cases are found complaining that they could succeed provided the government policies provided them with a level playing field.
Md Abdul Ghani
Gulshan,
Dhaka
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