The recent announcement by Finance Minister AHM Mustafa Kamal proposing the promotion of the “Made in Bangladesh” brand in order to expediate the development of mega industries and production of import-substitute industrial goods within the country. In accordance with the plan, the government has proposed 10-year tax exemption on products of certain industries like three and four-wheeler industry, certain light engineering industries, etc.

The move has been well received amongst experts, industrialists, and professionals. Ruhul Alam Al Mahbub, Chairman and Managing Director of Fair Group, remarked that entrepreneurs will be inspired by the government announcement according to a press release. He believes that the move will significantly decrease import dependency over the years and bolster the economic progress and perception of Bangladesh that the country has been making. “Around 90% of the local smart phone market will be occupied by locally made smart phones within this year”, he said with regard to the budget’s impact on smartphone and electronics manufacturing industry.

The automobile sector which has received greater focus from the government will also undergo “revolutionary” change in the next four to five years, the Chairman of Fair Group believes. “Fair Group is going to invest heavily in manufacturing electric cars and its ecosystem. Many more entrepreneurs will surely come forward to invest in this sector now”, the Chairman of Fair Group added.

Fair Group has already invested in the smartphone and automobile manufacture and distribution industry by signing agreements to manufacture and distribute products of globally reputed companies, Samsung and Hyundai. Mr. Mahbub is hopeful for the proper implementation of the proposed tariff measures in the budget, believing that this will create more jobs, develop the economy, and expand the reach of the “Made in Bangladesh” tag.