The cabinet yesterday approved the draft National Industrial Policy-2016 aimed at increasing industrialisation and investment in the country.

Foreigners will have to double investments in Bangladesh to get Bangladeshi citizenship, according to the proposed industrial policy.

Any foreigner who will invest $1 million in Bangladesh or transfer $2 million to any recognised financial institution in the country will get Bangla-deshi citizenship, Cabinet Secretary Mohammad Shafiul Alam told reporters after the meeting.

The amounts, as per the National Industrial Policy-2010, were $0.5 million and $1 million respectively.

In addition, the amount of investment to get temporary residency in Bangladesh while doing business in the country has also been increased to $200,000 from $75,000 in the past, he said. The new policy has been framed by updating the 2010 policy. The industrial sector has been divided into five categories -- high priority, priority, service, reserved and controlled industries.

The draft policy has a guideline to set up infrastructure for industrial clusters and industrial parks in the underdeveloped areas in order to establish economic zones, Alam added. As per the policy, Bangladesh Bank will provide incentives and assistance to women entrepreneurs to encourage them to establish micro, small and cottage industrial units.

The cabinet also instructed the defence ministry to place the Cantonments Act-2016 after reviewing it and consulting with stakeholders. The law was placed before the cabinet meeting by translating the Cantonments Act of 1924 into Bangla with some inclusions and exclusions, the cabinet secretary said.

The cabinet endorsed in principle the draft of the Prime Minister's Education Assistance Trust (Amendment) Act-2016 with a provision to bring post-graduate students under a stipend scheme of the trust. As per the existing law, students up to the graduation level were eligible for the stipend, Alam said.