Bangladesh has the potential to tap the global market of engineering products worth $7 trillion, where the current share of Bangladesh is less than 1 per cent, said the industry insiders.
They also stated that, thanks to adequate policy support, investment, and infrastructure development, the sector has the potential to export engineering products worth up to $100 billion.
They made the disclosure during a press conference organised by the Bangladesh Engineering Industry Owners’ Association on Tuesday in the capital, ahead of the upcoming Bangladesh Light Engineering Expo 2025.
The Bangladesh Light Engineering Expo 2025 is scheduled to take place on May 29 and 30 at the Shahid Abu Sayed International Convention Centre at Shahbagh in Dhaka.
Md Abdur Razzaque, president of BEIOA, stated that the domestic market for engineering products is worth approximately Tk 40,000 crore, which can meet up to 50 per cent of the domestic demand. At the same time, the country relies on imports for the remainder.
BEIOA will organise the expo in collaboration with the Export Competitiveness for Jobs (EC4J) project under the Ministry of Commerce.
Over the two-day event, leading domestic light engineering companies will showcase their latest technologies, components, and innovative products.
Participating firms can present their goods and services, enabling them to connect with new buyers and potential investors.
Abdur Razzaque also highlighted the significant contribution of Bangladesh’s light engineering sector to the national economy.
He said that the sector employs over 3,00,000 people and contributes nearly 3 per cent to the country’s GDP.
‘The sector’s export earnings in the financial year 2023-24 was $487 million, playing a vital role in economic diversification and employment generation,’ he added.
He stated that the expo would be an effective platform for sourcing and networking, allowing domestic manufacturers to showcase their capabilities while attracting new markets and investments.
Responding to questions from the journalists, he said that there will be 44 stalls by 27 domestic companies at the expo.
At the expo, selected companies from the country will showcase their products, including dyes and molds, industrial parts, agricultural equipment, metal casting, electrical equipment, and others.
He also stated that through this expo, BEIOA aims to secure government support for modernising domestic industries, facilitating technology transfer, enhancing product
quality, and expanding exports.
He urged the government to offer incentives comparable with those enjoyed by competing countries, such as Vietnam, China, and India, to enhance the competitiveness and sustainability of the light engineering sector in the international markets.
‘We request the government to establish dedicated compliance-enabled industrial zones for light engineering products to maintain proper compliances and international standards,’ he added.
Moreover, reducing customs duties on raw materials and providing cash incentives, as well as priority access to bank loans, for this sector will accelerate industrial growth, he stated.
He further stressed the need for technology transfer, modern design development, and necessary training to achieve technical excellence.
Razzaque also called on the government to introduce a simple and effective patent registration system to protect locally made components and designs.
He appealed for training and incentives to increase employment opportunities for women and youth.
At his speech, EC4J deputy director Md Abdur Rahim stated that the engineering sector is one of four sectors that can closely compete with the readymade garment industry.
He also said that the government was working on the sector›s demands so that they can improve further.
‘Expo is a very important platform to connect manufacturers, importers and buyers. If we can showcase our potential, it will assist us to reduce import dependency and accelerate exports,’ he added.
He also said they will organise more expos, even abroad, to utilise it as a bigger opportunity to attract buyers.
