Bangladesh can earn $25 billion through exporting light-engineering products to potential markets like China, the USA, India, Singapore and Japan, provided that necessary policy support is given to the sector.
However, the light-engineering roadmap projected that export earnings from the sector would stand at $12.56 billion in 2030 under a specific action plan that needs financing for implementation.
Speakers made the observations at the eighth meeting of the SME Development Working Committee of the Business Initiative Leading Development (BUILD) in Dhaka on Monday.
BUILD chief executive offer (CEO) Ferdaus Ara Begum presented a keynote.
"Only five countries such as China, USA, India, Singapore and Japan import light-engineering products worth $2.51 trillion, and Bangladesh enjoys market access to all these destinations," she said.
"If we export at least 1.0 per cent to these destinations, we can earn about $25 billion from the sector," added the BUILD CEO.
Referring to different policies where the importance of light engineering has been highlighted, she spoke about the BUILD roadmap for commerce ministry, projecting $12.56-billion export in 2030.
Chattogram Chamber of Commerce and Industry president Mahbubul Alam urged the government to keep supporting the sector that has huge potential as it contributes 3.0 per cent to GDP.
Industries secretary Zakia Sultana called for promoting the light-engineering sector with a targeted action plan at the meeting.
"We'd extensively support light engineering while exploring ways to set up a separate industrial park in BSCIC for the sector and giving special incentives as it shares a $12-billion domestic market."
SME Foundation managing director Dr Mafizur Rahman told the meeting that they are currently formulating a cluster development guideline to promote SME in the light-engineering sector.
He laid emphasis on tax-related issues for importing raw materials and accessories for entrepreneurs.
NASCIB president Mirza Nurul Ghani Shovon underscored the need for identifying specific sub-sectors of light engineering and planning incentives accordingly.
Aledul Amin, director of Bangladesh Engineering Industry Owners Association, said, "We need the Subcontracting Act at the earliest and industrial plots at affordable costs for safeguarding this sector."
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