Morning News
4th October 1956
No Nationalization In Foreseeable Future
Mujibur Rahman’s Assurance
By A Staff Reporter
The East Pakistan Commerce, Labour and Industries Minister, Sheikh Mujibur Rahman, made a strong plea on Wednesday for rapid and extensive capital investment for the economic development of the country. He said the object of industrialization was to make the fullest use of the country’s available resources, and to produce more and more both for investment and consumption. A logical corollary of this process was the extension of employment opportunities and its diversification at all levels. The Minister, who was giving his presidential address at a conference of representatives of various industries and trades from all over the Province, said that private capital both foreign investment and domestic capital formation, operating under a planned and balanced programme of industrialization would constitute the strong base of the country’s economy. Mr. Mujibur Rahman said that the Province needed increased sterling and dollar investments, and the fruitful participation of such investors in the industrialization programme of the Province would be particularly welcome. He extended a categorical assurance to all investors that their capital would be secure. He said, “We do not contemplate in the foreseeable future the nationalization of our industries, although, of course, nationalization as a right inheres in all independent countries.” Mr. Mujibur Rahman said that the Government was aware of the manifold bottlenecks that were created by the over-centralized mechanics of issue of license for capital goods, industrial raw material and commercial imports. The whole position, he added was under review and it was hoped that a simple, honest and a quick method in this regard would be adopted as a measure of incentive to the investors for putting up new or expanding the existing industries.
While stressing upon the harmonious relationship between the employers and the workers, the Minister said, “A proper, human and rational adjustment of employer employee relationship is, in my opinion, the cardinal point in the process of industrialization.” He said that trade unions must be trade unions and no more and the Government would not tolerate agitators and other subversive …