Industries Minister Nurul Majid Mahmud Humayun has assured jewellers of all-out support for setting up a special business hub of gold to help the country’s jewellery sector flourish as an industry.
“Let’s earmark a place in or around Bashundhara to establish a safe zone for gold businesses. On the government’s part, we’ll provide policy support. As the regulator, we’ll provide support to run such an economic zone,” he told a seminar organised as part of the three-day BAJUS Fair 2023 on Friday.
Bangladesh Jeweller’s Association (BAJUS) organised the seminar on gold industry on the second day of the three-day exposition at International Convention City Bashundhara (ICCB).
BAJUS President and Bashundhara Group Managing Director Sayem Sobhan Anvir presided over the session.
Bashundhara Group Vice-Chairmen Shafiat Sobhan Sanvir and Safwan Sobhan Tasvir, Directors Sabrina Sobhan and Yeasha Sobhan were also present on the occasion.
In his speech, Humayun suggested that the BAJUS leaders cooperate with finance and industries ministries to prepare a prudent policy for the gold industry to flourish.
He also appreciated Bashundhara Group for making all of its business entities successful.
“Bashundhara Group Chairman Ahmed Akbar Sobhan achieved success in all of his endeavours with his magical touch. From agriculture to food processing, the conglomerate shows good performance everywhere. The jewellery sector gained momentum only after Bashundhara Group took the initiative to set up the country’s first gold refinery,” the minister said.
He mentioned that the gold industry has gone through rapid transformation under the leadership of Sayem Sobhan Anvir in the last one year which unbelievable in the last 50 years since independence of the country.
In his speech, BAJUS President Sayem Sobhan Anvir pointed out some proposals for the development of the gold industry in Bangladesh. “The entrepreneurs need a safe business hub for setting up factories and tax holiday facilities for 10 years for the local manufacturers who set gold industries,” he said.
Comparing the gold sector to the ready-made garment industry, he said the gold industry has much potential than the RMG one in terms of value addition. “The value addition in RMG is below 7 percent. The gold industry can make value addition up to 50 percent in export earnings. Bangladesh has skilled manpower of handmade jewellery. Our artisans are unique in the world. We want to export jewellery after meeting the local demand,” he added.
The BAJUS president also promised all-out support for devising a prudent policy together with industries, finance and commerce ministries. “We want to work together to formulate a policy for the gold sector to flourish. We want to see the early implementation of the initiative,” he said.
FBCCI President Md Jashim Uddin said the gold industry can contribute to the expansion of the export basket which has been focusing on garment industry over the years.
“Of the total 52 billion export earnings, 83 percent come from the RMG sector. All other products collectively account for 17 percent. To achieve the goal of turning Bangladesh into a developed country, our export earnings will have to surpass $300 billion by 2041.
The gold industry can bring a significant pace in the export earnings as jewellery products hold much higher value addition comparing to other items,” Jashim Uddin, also vice-chairman at Bengal Group, said.
Former BAJUS President Kazi Sirajul Islam said the trade body has been advocating for development and export of gold jewellery.
“We have been talking for five decades (for exporting gold). The issue was in dark. As Sayem Sobhan Anvir took presidency of BAJUS, the industry has gained momentum. And I believe the country is on the verge of exporting gold jewellery,” he said.
Former BAJUS President Dilip Kumar Roy said Prime Minister Sheikh Hasina helped the gold businesses survive through introducing the gold policy in 2018.
BAJUS adviser Ruhul Amin Rasel moderated the seminar while researcher Raju Ahmed made the keynote presentation.
BDST: 2042 HRS, FEB 10, 2023
MN
