Semiconductor sector can be $10 billion industry by 2041: Palak

He also urged for an industry-academia collaboration to create a highly skilled and technologically advanced workforce especially compatible with this sector as the demand is very high at home and abroad


May 15 2024 1:42 PM

Semiconductor sector can be $10 billion industry by 2041: Palak

State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak today said the semiconductor sector can be a US$10 billion industry by 2041. 
"The semiconductor manufacturing industry has great potential to be a billion-dollar sector in Bangladesh. Here in Bangladesh there are a few design houses and they are doing well but in chip fabrication, assembly, testing and packaging we still lag behind. Proper policy support and required incentives can create a $10 billion semiconductor industry by the year 2041," he said. 
Palak said this while speaking as the chief guest at a seminar on "Unleashing the potential of the semiconductor industry in Bangladesh" organized by the Dhaka Chamber of Commerce and Industry (DCCI) at DCCI in the city.
In his speech, Palak said that the uses of microchips, Nano chip and the manufacturing of semiconductors are growing day by day and if the government can give the right policy support to the sector, it will be possible to earn at least $10 billion from exporting semiconductor items by 2041. 
He again reiterated the urgency and need for a semiconductor policy for the faster development of this sector. 
At the same time, he also urged for an industry-academia collaboration to create a highly skilled and technologically advanced workforce especially compatible with this sector as the demand is very high at home and abroad. 
He later said that the government has already established hundreds of digital labs, 5G testing is going on, more than 13 crore internet users inside the country, 19 crore mobile users, and nearly 100 percent electrification across the country; these are some of the indicators of Bangladesh's digital progress and readiness. 
"And if we can give proper policy support, incentives and guidelines coupled with skilled manpower having high-end sophisticated technology then we will be able to achieve the target of smart Bangladesh by 2041," he added. 
He also said that we have to make plans to create at least 50 thousand chip designers in the country. 
Later he said that with the help of talented entrepreneurs and the enthusiastic private sector, the country will be able to become knowledge-based smart Bangladesh by the year 2041.  
DCCI President Ashraf Ahmed suggested that for the successful implementation of import substitution industrialization and export diversification, Bangladesh should prioritize the development of the semiconductor industry. 
Many countries are investing heavily in the semiconductor industry, creating a high demand for skilled workers, he said. 
He mentioned that the government should focus on cultivating a skilled workforce required to meet the growing demands of the semiconductor industry in Bangladesh.
He also underscored the importance of simplification of administrative procedures for setting up semiconductor businesses, including licensing, permits, and import/export regulations. 
He further said that a transparent and efficient regulatory environment will encourage investment and reduce operational hurdles. 
He also recommended ensuring robust protection for intellectual property (IP) to encourage innovation and attract foreign investors. 
Bangladesh also needs a holistic framework to develop an ecosystem for sustainable and inclusive growth of the semiconductor industry taking into account the views of stakeholders, he later opined. 
Managing Director of the Bangladesh High-Tech Park Authority G S M Jafarullah informed that the government is developing innovation hubs in ten universities in the country. 
In Shibchar, Madaripur, on the 70 acres of land, the government is establishing the Sheikh Hasina Institute of Frontier Technology, he informed. 
He said work of 21 high-tech parks out of the targeted 94 has nearly been completed. 
Moreover, he mentioned, that the government is facilitating private sector entrepreneurs with land and space at the knowledge parks and software parks.
He invited the private sector to invest in the semiconductor industry more. 
The government is also considering the best possible tax benefits to the ICT sector so that we can attract more local investment or FDI in this sector, he added.  
Department of Nanomaterials and Ceramic Engineering of BUET Professor A. S. M. A. Haseeb presented the keynote paper. 
Managing Director of Bondstein Technologies Ltd Mir Shahrukh Islam, Co-founder and vice president of Software Teton Private Ltd. Razib Hasan, and Additional Managing Director of Walton Digi-Tech Industries Liakat Ali, among others, spoke on the occasion.