The approval came at the cabinet meeting held at the Prime Minister’s Office (PMO) with Prime Minister Sheikh Hasina in the chair.
“The policy has been approved for developing skilled manpower to accelerate the growing economy and meet the growing demands of local and oversees labour markets,” said new Cabinet Secretary Khandker Anwarul Islam while briefing reporters at the Bangladesh Secretariat after the meeting.
He said the PMO drafted the policy and the PM’s Principal Secretary placed it before the Cabinet as having skilled manpower is crucial for the socioeconomic development of a nation.
The Finance Division has already formed a company titled ‘National Human Resource Development Fund’ (NHRDF), said Anwarul Islam.
Mentioning that the policy has been made to ensure the use of funds effectively and transparently, he said financial allocations will be made against competent organisations for conducting trainings, and skill development-related research and survey works.
The National Skills Development Authority (NSDA) will receive applications from various organisations for skill development-related trainings and programmes, research works and surveys.
The authority will then examine the applications and select the qualified organisations in this regard in line with the policy, he said.
The NSDA will finally request the NHRDF authority to provide the financial allocation against the qualified organisations, said the Cabinet Secretary.
The Cabinet approved the ratification proposal of an agreement signed between Bangladesh and Nepal for avoiding double taxation on income and preventing tax evasion.
The agreement between Bangladesh and Nepal was signed on March 5, 2019, said the Cabinet Secretary adding that it will play a positive role in enhancing foreign investment and expanding industrialisation and trade of the two countries.
“If the agreement is implemented, the mutual investment and trade-business between the two countries will be expanded,” he said.
Besides, the Cabinet was apprised of the Prime Minister’s participation in the 18th NAM summit held in Baku, Azerbaijan on October 25-26.
According to a report placed at the meeting, 58.50 percent of the decisions taken by the Cabinet in the last three months (July-Sept 2019) have been implemented.