They said although a taskforce on small and medium enterprise (SME) presented a set of recommendations to the government, some of the vital recommendations relating to tax rationalisation at import and VAT waiver were excluded from the policy.

They also stressed the need for technology transfer to develop the light engineering and electronic sector of Bangladesh.

They were addressing the seminar titled 'Business Development in Light Engineering and Electronic Sector of Bangladesh' jointly organised by the Dhaka Chamber of Commerce and Industry (DCCI) and Centre for International Private Enterprise, an affiliate of the US Chamber of Commerce, held in the DCCI auditorium.

Speaking at the function, Asian Development Bank (ADB) Country Director Hua Du said the success of the garment industry, which developed from a scratch to a multi-billion dollar industry, has not been replicated to other manufacturing areas. "Based on the experience of other countries, there is no reason why Bangladesh should not also succeed in light engineering and electronic sector," she said.

She also said the ADB is assisting the government in implementing a new national policy for SME development, and improve SME access to finance and policy support. "We are also addressing specific regulatory, information, market access, and technology bottlenecks to broaden SME operations, and support reforms and capacity building of financial intermediaries relevant to SME development."

DCCI President MA Momen said in the present era, all progressive countries as part of their development strategies have been intensifying their efforts to develop the light engineering and electronic sector.

"A large number electronic, electrical and engineering products are contributing to the economic growth," he added.

Dr K Siddique-e-Rabbani, professor of Department of Physics, Dhaka University, presented a keynote paper on light engineering and electronic sector of Bangladesh at the seminar.