"The new policy will give level-playing field to all investors, foreign or domestic. There will be no additional advantage or protection for local investors," Bangladesh Industry Minister Dilip Barua told PTI in a interview during his recent visit here.
Barua said the policy would offer freedom to repatriate profits and 100 per cent FDI is possible. "We are giving thrust to SEZs to offer freedom to investors," he said.
It would put emphasis on SoE (State-owned Enterprises) reforms and public-private partnership (PPP) initiatives. Manufacturing sector was likely to get three year excise waiver.
Airtel was the latest FDI in Bangladesh with USD 300 million to acquire 70 per cent of local Warid Telecom."The new industrial policy formulated in line with Vision 2021 is in the last stage of finalisation. Already two cabinet meetings discussed it. I think it will be unveiled in a month," the minister said.
He said the new policy drafted after four years had aimed at transforming a trading economy to a manufacturing one, he said. The Vision 2021 documents expect the economic growth to be accelerated to 8 per cent per annum by 2013 and to 10 per cent by 2017.
According to the draft policy, regulated industrial units would require approval from the government, as those were specialised ones.Such regulated industries include deep sea fishing, bank and non-bank financial institutions and insurance in the private sector, power generation projects, natural gas exploration, extraction of coal and other natural mineral resources, big infrastructure projects like fly-over, elevated expressway, monorail among others, crude oil refinery, medium and big industries using natural gas, satellite channels and cargo and passenger planes.
The new Bangladeshi government wants a major thrust to overcome the energy crisis to meet demand from the industry forcing the Tata group to pullout from USD 3 billion investment plan in 2008. Power generation of 7,000 mw by 2013 would be ensured for providing electricity to all, he said.