The move has come in the light of low productivity of Small and Medium Enterprises (SMEs) and shortage of large industries which have been weighing down the economic output
In its latest effort to enhance the productivity level of industry, service, and agriculture sectors, the government unveiled a new masterplan on Monday.
The move has come in the light of low productivity of Small and Medium Enterprises (SMEs) and shortage of large industries which have been weighing down the economic output.
To scale up the productivity level of the economy, at least 11 strategic thrusts, including these areas, will have to be enhanced, according to the masterplan.
To this end, the National Productivity Organization (NPO) under the Ministry of Industries with the support of Asian Productivity Organization (APO) prepared “Bangladesh National Productivity Master Plan FY2021-FY2030 (BNPMP)”.
APO Secretary General Dr Santi Kanoktanaporn handed over the masterplan to Industries Minister Nurul Majid Mahmud Humayun at a programme on Monday.
Cottage and microenterprises of the industrial sector make major contribution to the economy, said the masterplan.
But most of these industries are engaged in low-value-added activities. This is slowing down the productivity of the economy.
The number of industries with high productivity rate is low. Such industries are only one percent of total industries, engaging less than 100 employees, on an average.
Till 2016, Bangladesh’s productivity level was around 8.6 percent, lower than India and Sri Lanka – enjoying 16 percent and 30.7 percent respectively, says the masterplan.
Currently, Bangladesh maintains a 3.8 percent annual productivity growth but the new masterplan targets an annual growth of 5.6 percent for the coming decade.
Reducing heavy reliance on rice and crop production, the masterplan focuses on modernising and diversifying agriculture.
Fisheries and livestock industries have the potential to grow but currently remain small and underdeveloped.
“There is no alternative to promoting productivity to achieve the goal of becoming a developed country by 2041 and achieve the SDGs,” said the minister.
For implementing the masterplan, the minister also called upon the NPO to take necessary steps.
Md Abdul Halim, secretary to Industries Ministry and APO country director to Bangladesh, and Head of NPO SM Ashrafuzzaman were present at the masterplan handover programme.