Govt targets growth at 9.8pc in manufacturing in 6th 5-yr plan

Economy to grow to 8pc by 2015

FE Report

The government has targeted an ambitious 9.8 per cent average growth per year during the sixth five-year plan period from the manufacturing sector to spur the economy into 8.0 per cent by FY2015, officials said Wednesday.

At a consultation meeting on the draft five-year development plan with government bodies and private sector exporters in Dhaka, the General Economic Division (GED) of the Planning Ministry has disclosed the growth projection.

Exporters said the growth target would not be achievable if the government did not give boost to the country’s ailing infrastructure including energy supply and diversify the export products.

Trade bodies, policymakers, economists and development experts were present at the consultation meeting on the five-year plan to be implemented during FY2011- FY2015, with Planning Minister AK Khandaker in the chair.

The GED has already drafted the sixth-five year plan to achieve 8.0 per cent growth by FY2015, in which Tk13.3 trillion investments will be required from the private and public sectors.

GED member Professor Shamsul Alam said the sixth five-year plan looks to an average 9.8 per cent annual growth in the manufacturing sector, marking a rise from the depressed level of 5.7 per cent in FY2010 to 11.5 per cent at the concluding year of FY2015.

Industries Minister Dilip Barua said that in the name of back-up to the local industries, we should not undertake policies that would make Bangladesh a market of foreign goods.

Bangladesh Bank governor Dr. Atiur Rahman said growth of low-tech industries should be given more focus in the development policy in addition to the high-tech industries to widen the labour-intensive manufacturing sector.

He said the young graduates should be encouraged to come to the manufacturing sector to turn Bangladesh into a middle-income country by 2021.

Salman F. Rahman, president of Bangladesh Association of Pharmaceutical Industries, said Bangladesh has adequate industry back-up for exporting billions of dollars’ worth drugs, but it needs more support of the government.