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Supporting our SMEs

  • Published at 12:02 am October 28th, 2019
Web-SME-loan
Photo: COURTESY

Better support provided to our SMEs would lead to the creation of many more jobs

While it is true that the Bangladesh economy continues to make great strides in its development journey, it is also true that if we are to continue to make progress, we must continue to explore further ways to support, and indeed expedite, that growth.

To that end, the government should put more emphasis on the country’s small and medium enterprises (SMEs) sector -- one that is often recognized as one of the foundations of our economy.

When it comes to our stellar economic growth over the past decade, one of the points of contention that is repeatedly brought up by experts is the jobless nature of this growth, along with doubt regarding its inclusivity and sustainability.

However, better support provided to our SMEs would not only lead to the creation of many more jobs, but would also lead to better livelihoods for the less fortunate in our societies.

In addition, a robust SME industry would no doubt help Bangladesh continue to make strides in the World Bank’s Ease of Doing Business Index -- a major obstacle for us in attracting investors, both local and international.

While Bangladesh did move up a few notches which must be commended, it continues to languish behind in the rankings compared to most nations in South Asia and, if it is to fulfill its economic potential, this scenario must change.

Thus, the government would do well to focus more on Bangladesh’s SMEs; their development will play a big part in ensuring that Bangladesh develops in a sustainable, holistic manner.