The New Nation - Internet Edition

Staff Reporter

Finance and Planning Adviser Dr AB Mirza Azizul Islam yesterday said the Government has taken initiatives for developing the power sector to enhance the country's economic growth and development.

"Four projects have undertaken to improve the power sector and initiatives are also underway for off shore gas bidding," he said adding that in the near future the long waited coal policy of the country would be finalised.

He was speaking at a post budget discussion for the fiscal 2008-09 with the country's leading industrialists at the VIP lounge of the Jatiya Press Club.

Economic Reporters Forum (ERF) organised the discussion. Nazmul Ahsan, President of ERF moderated and Sajjad Alam Khan, General Secretary of the organisation proposed vote of thanks.

Muahammad Abdul Majid, Chairman of the National Board of Revenue (NBR), Annisul Huq, President of FBCCI, Anwar-Ul- Alam Chowdhury Parvez, President of BGMEA, Engineer Tanvirul Huq Probal, President, REHAB, Abdul Hai Sarcar, President, Bangladesh Textile Millis Owners Association, Major General (retd) Amjad Khan Chowdhury, Chief Executive of PRAN- RFL Group, Nazmul Ahsan, President of Bangladesh Pharmaceuticals Industries, Gazi Golam Dastagir, Director of Gazi Tank and Masiur Rahman, President of Paragan Poultry, among others, took part in the discussion.

"Maintaining macro- economic stability, ensuring food security, increasing the revenue targets, accelerated economic growth and poverty reduction and protecting and widening of the social safety nets are the broad objectives of the proposed budget," said the Finance Adviser.

He said Government's borrowing from the internal resources for mitigating the budget deficit would not hamper private sector.

Dr Azizul said it is not logical to give continuous subsidy to export oriented industries for all time.

He, however, laid emphasis on rationalising the tariff duties between intermediary and finished products goods for protecting the interests of both exporters and importers.

Replying to query the Finance Adviser said the Government is considering for setting up Special Economic Zone (SEZ) in the country. He said government-controlled jute mills could be denationalised on public-private partnership basis.

"Paying taxes to the Government by the citizens timely and proper utilisation of taxpayers money by the Government could ensure benefit of the budget," he said adding Government alone could not do anything without the participation of people.

He said the Government has did not take any decision for further increase of fuel prices in line with the international price hike.

The Finance Adviser hoped the next elected Government would implement the budget, which he has proposed for the fiscal 2008-09.

In their observations the trade bodies' leaders said that export-oriented industries had been facing skilled manpower. They called upon the Government to allocate more budgetary fund for the vocational training courses.

They have expressed their satisfaction to the Government for extending the tax holiday and reducing the tariff duties on industrial raw materials.

Lauding the proposed budget as industry friendly the FBCCI President said demanded of the Government for uninterrupted supply of power and gas to the industries for maintaining the smooth production, which help add more revenue of the country.

"The legal undisclosed money should be allowed to invest", he said and called upon the Government to consider the recommendations placed by FBCCI.

BGMEA President laid emphasis on reducing dependency on World Bank and IMF.

"We need to gear up our research activities for developing our industry and more job creation," he said and called upon the Government to give 10 per cent cash incentives and increase other sfacilities to the businessmen.

He suggested Government to set up 'Garment Palli' for reducing pressure on city.