Empowering Small and Medium-sized Enterprises: The Need for Technological Progress and Policy Support

The development of Small and Medium-sized Enterprises (SMEs) in our country is being hindered by obstacles such as inadequate access to financing, limited digital engagement, and lack of infrastructure, as highlighted by entrepreneurs during a recent seminar. The seminar, titled Technology for Smart SMEs and organized by the Dhaka Chamber of Commerce & Industry (DCCI), saw the need to bolster technology transfers and enhance skill and capacity development to empower SMEs.

During the seminar, GBL Limited Managing Director Md Saifur Rahman pointed out that Bangladesh is currently ranked 84th in entrepreneurship development and 105th in the global innovation index. He stressed the urgent need for improvement in these two indices to foster the growth of SMEs. Rahman also emphasized the importance of collaboration between the public and private sectors to accelerate technological advancement for SMEs, stating that current efforts are not sufficient.

DCCI President Md Sameer Sattar highlighted the challenges faced by SMEs, such as limited access to finance, supply chain connectivity, skill diversity, and advanced technology. He also noted that, despite contributing 25% to the GDP, SMEs are held back from their desired growth due to these challenges and the lack of a separate ministry for SMEs.

Shahadat Khan, CEO of Tally Khata, drew attention to the fact that India established a ministry for SMEs in 1999, while Bangladesh has not yet done so. He stressed the significance of having proper data on SMEs to facilitate their operations effectively.

Suraiya Alam, owner of Suraiya Fashions and a member of the SME standing committee DCCI, expressed her opinion on the lack of support from government agencies for SMEs. She suggested that the establishment of a separate ministry would greatly benefit the sector by providing the necessary support and facilitation for business operations.

Additionally, Md Shamsul Arefin, secretary of the Information and Communication Technology Division, highlighted the importance of good governance in supporting the private sector and the need for adequate data on the SME sector for informed decision-making by the government. He emphasized that the CMSME sector is a key player in the country’s economic growth.

In conclusion, the progress and growth of Small and Medium-sized Enterprises are crucial for the overall economic development of the country. In order to overcome the challenges faced by SMEs, it is imperative for both the public and private sectors to collaborate and for the government to provide strong policy support to drive technological advancement and capacity development in the SME sector. This will not only empower SMEs but also contribute significantly to the overall economic growth and prosperity of Bangladesh.