Industrial sector is lifeline of country’s economy: Commerce Minister

Industries, commerce, and textiles and jute minister Khandaker Abdul Muktadir on Sunday said the industrial sector is the lifeline of the country’s economy, underscoring its vital role in employment generation, export growth, technological advancement and reduction of regional disparities. He made the remarks while addressing as the chief guest at a view exchange meeting with officials at the conference room of the Ministry of Industries in Dhaka, said a handout. State Minister for Industries, Commerce, and Textiles and Jute Md. Shariful Alam attended the meeting as a special guest. The minister said that in the context of current global competition, it is essential to ensure efficiency, transparency and accountability in all activities. “Only through collective efforts can we take the industrial sector to new heights,” he added, reports BSS.

Muktadir stressed the need to work together to remove field-level problems, policy limitations and administrative complexities in order to build an efficient, dynamic and investment-friendly industries sector.

Referring to the objective of the meeting, he said the discussion aimed at holding open deliberations on ongoing activities, challenges and prospects of the industrial sector and strengthening the path towards achieving targets through a coordinated action plan.

Speaking at the meeting, State Minister Shariful Alam said industrialisation must not remain confined to paper but should be visible in reality. He sought cooperation from officials in this regard.

He noted that the banking sector has been left in disarray, and the economy lacked the necessary stimulus for growth and investment.

He mentioned that investment had been stagnant for the past 12 to 13 years, reaching zero over the last three years. Addressing the urgent need for employment, the Commerce Minister pointed out that 20 to 22 lakh individuals enter the workforce annually, yet the required investment for their employment has not materialized during the period of stagnation.

Furthermore, he mentioned that many local institutions are currently under pressure due to changes in the tariff structure, and the government is working to create an investment-friendly environment to support industrial growth. Regarding local development, Muktadir expressed a deep sense of responsibility toward the region. “Plans for Sylhet include addressing long standing issues such as drug abuse, improving tourism infrastructure, and creating employment opportunities to ensure qualitative development for the people,” he added.

Reiterating the government's firm stance on public accountability, Muktadir underscored that officials must remain ever-mindful of the citizens they serve. He reminded the gathered leadership that the mandates of the ministry are driven by the needs of the populace.

"We have a significant amount of work ahead; we do not have time to waste," the Minister stated. "The owners of the country—the people—did not send us here to waste time." Reflecting on the composition of the cabinet formed just yesterday, the Minister highlighted a strategic shift toward a more streamlined and capable administrative structure. He noted that the compact size of the new cabinet serves as a model for the Ministry’s own organizational strategy, which prioritizes quality and output over administrative expansion.

The Minister further clarified that the Ministry’s role is multi-dimensional and extends far beyond the common public perception of merely monitoring commodity prices. He identified three core pillars that will define the Ministry’s future agenda, linking economic performance directly to the country's stability and resilience. Addressing the high sensitivity of commodity prices, The Minister reminded officials that market fluctuations have a direct, tangible impact on their own households.

"I am certain that when the price of a commodity increases, its heat reaches your families as well; it affects you personally," the Minister remarked, adding that the high sensitivity of the market requires constant vigilance from every official. Earlier, industries secretary Md. Obaidur Rahman presented an overview of the ministry’s overall activities. Senior officials of the ministry and heads of its subordinate departments and agencies were present at the meeting.