Bangladesh is a country heavily reliant on micro, small, and medium-sized enterprises (MSMEs). From neighbourhood shopkeepers to individual businesses, a significant part of our economic development is as a result of contributions from MSMEs.
For any growing economy in general, MSMEs are integral and just as important as large-scale industries, their importance magnifying as MSMEs thrive on the back of the local populace, while larger industries have to rely on exports, which can sometimes be disrupted due to international incidents. As such, this is a sector that we need to pay more attention to.
Our MSMEs have always faced obstacles -- both in terms of bureaucracy and the economy. From being neglected in matters of achieving official registrations and not being considered for stimuli and other incentive packages, the official handling of MSMEs has not been good. MSMEs are not even given the chance to properly function and thrive like other business entities. For example: during the pandemic, a lot of MSMEs were shut down or were on the brink of being shut down, but the government scarcely released any funds for the sector like it had been the case for other businesses.
Small businesses make up approximately 70% of the country’s economic activity. They account for over 80% of the total industrial employment of the country. Business in general -- when they are not running on a large scale -- have issues surviving in our country. And when we take account the size and weight of the contribution of MSMEs, the behaviour they have to go through is utterly unacceptable.
With the observation of the MSMEs day yesterday, the authorities have stated that they are working on some select policies for MSMEs. This is an encouraging step and the authorities must use this and take this further. The policies for MSMEs must also be decided with MSMEs leaders being properly consulted during implementation.
To reiterate, this is a sector that takes up 70% of the country’s economic activity. We can’t leave it to waste away.
