DHAKA: A new industrial policy framed by the present government focused on assistance for sick industries, development of both public and private sectors and government control over the economy for a planned economic advance of the country.

With these cardinal objectives in the focus the draft Industrial Policy Order 2010 was approved by the Cabinet in its meeting Monday.

Prime Minister Sheikh Hasina presided over the meeting held at the Secretariat.

Prime Minister’s press secretary Abul Kalam Azad at a press briefing after the meeting explained the salient points of the industrial policy.

He said, “The policy aims at attracting local and foreign investment into the country by creating an investment-friendly environment.”

The cabinet also approved the drafts of the Local Government (Municipality) Amendment Act 2009 and the Power and Energy Quick Supply (special provision) Act 2010.

Earlier on August 3, the cabinet committee on economic affairs finalized the draft of the policy in a meeting with Finance Minister Abul Mal Abdul Muhith in the chair.

The draft of the policy was published on April last year. But the government ordered having inter-ministry recommendations following a complaint about not involving commerce and other ministries in drafting the policy.

After having the recommendation the draft was sent to the committee for economic affairs.

A committee headed by the chairman of the Board of Investment was formed for checking and modifying the draft on February 18 this year. The draft was referred from the higher meetings several times for modification.

BDST: 1647 HRS, SEP 06, 2010