SMEs accelerate industrial growth with 25% contribution to GDP

The Small and Medium Enterprises (SMEs) has been accelerating the country's industrialization as well as economic growth with contributing 25 percent to the GDP (Gross Domestic Product).

"The government has been putting emphasis on the SMEs and taking different measures for its development considering the sector as driving force to transform the country's huge population into human resources as it contributes 25 percent to the GDP," KM Habibullah, chairman of board of directors of SME Foundation told BSS.

As part of the government initiatives to flourish the sector, SME foundation has so far held five national and 20 regional SME goods fairs since 2007 through which goods of Taka 1,107 crore have been sold and orders of over Taka 1297 crore have been received, he informed.

More than 75 lakh SMEs have already been set up across the country which is around 98 percent of the financial institutions.

"The SME Foundation have been working relentlessly in line with the seventh five-year plan (2016-2020), Vision 2021, National Industrial Policy, 2016 and five targets (1,4,5,8 and 9) of the Sustainable Development Goals (SDGs) for ensuring overall development of over one crore people involved in the business," he said.

For smooth financing to SME, 11 banks and financial institutions have been distributing single digit loans among the SMEs entrepreneurs since 2009, he said, adding that the SME foundation is now distributing Taka 60 crore from this fiscal which was Taka 40 crore in the previous years, he informed.

Loans have been distributed among 1,200 entrepreneurs including 440 women under the project naming `Credit whole selling' till August 2017, he also said.

"We have no option to create SME entrepreneurs as well as develop the sector aimed at making the country as middle-income one by 2021 and developed country by 2041," he remarked.

SME goods fairs have already been held at Dhaka, Sylhet, Rangpur, Gopalganj,Cox's Bazar, Rangamati, Rajshahi, Mymensingh, Barisal, Comilla, Khulna, Jamalpur, Bandarban, Moulvibazar, Dinajpur, Bogra, Jhalokathi, and Jessore. A total of 850 women entrepreneurs took part in the fairs.

Source: BSS