DHAKA, Nov 29, 2020 (BSS) – Cottage, Micro, Small and Medium Enterprises (CMSMEs) is the lifeline of Bangladesh’s economy and the sector should get special consideration and priority in the industrial policy for an inclusive, sustainable socio-economic development, observed experts at a webinar today.
They made the observation at the webinar on constraints and prospects of industrial policy arranged by Dhaka Chamber of Commerce and Industry (DCCI), said a press release.
Industries Minister Nurul Majid Mahmud Humayun joined the webinar as the chief guest while PKSF Chairman Dr Qazi Kholiquzzaman Ahmad and former Bangladesh Bank Governor Dr Atiur Rahman joined as special guests.
Chairman of SME Foundation Dr Md Masudur Rahman joined as guest of honour while DCCI President Shams Mahmud chaired the webinar.
Nurul Majid Mahmud Humayun said an inclusive development of economic improvement of cottage, micro and small enterprises is important.
“Thirty percent of the stimulus package announced for the CMSMEs has been disbursed up to October 15th.
We need to increase the contribution of CMSMEs to GDP which is 25 percent now as well as strengthening backward linkage industries to reduce import dependency,” he added.
He said the government is facilitating women entrepreneurs giving various incentives. “We have a big local market and he urged to utilize our own skilled workforce in the BSCIC industrial units,” he added.
He termed Bangladesh as one of the best competitive markets having intelligent, young, confident and energetic workforce.
He also said that the government is considering a separate threshold for cottage, micro and small from the medium enterprise in the next industrial policy.
Creating new entrepreneurs, strengthening backward linkage industry, employment generation, reducing discrimination between urban and rural economy will get priority in the next industrial policy, he added.
Shams Mahmud in his welcome remarks said in 2019-20 the contribution of industry to GDP was 35.36 percent that increased by 6.48 percent.
“During the last three decades, Bangladesh’s industrial growth was mainly RMG centric. But, for the sake of diversification of industry as a whole Shams Mahmud urged for the development of leather, jute, agro-processing, ship-building, light engineering, pharmaceuticals and non-traditional items,” he added.
He said one of the main constraints for SME’s development is easy access to low-cost financing even in the case of loans under government’s stimulus.
Qazi Kholiquzzaman Ahmad urged to do a skill mapping to eradicate skill gaps. Industrial policy should focus on policy coordination and institutional coordination for better productivity, he added.
He said new entrepreneurs should also get incentives from the stimulus package for inclusive and sustainable development.
Policies that are environment friendly and socially accepted are sustainable, he mentioned.