Despite the important role that large companies play in advancing a nation's economy, certainly for a nation as young as Bangladesh, it is ultimately small and medium sized enterprises (SMEs) which act as its lifeblood.
As such, due to both number and influence, small and medium scale enterprises often have a bigger mark on the bottom line than giant conglomerates. However, as was reported back in August, our small and medium enterprises received less than 70% of the stimulus that they were promised as aid to make up for the impacts of the Covid-19 pandemic.
Giving our SMEs the appropriate support is not enough, as this sector also experiences an inordinate amount of bureaucratic hurdles which need to be eliminated from the equation.
We wholly agree with the sentiment expressed by industry experts recently that SME's require product marketing facilities. The lack of marketing facilities results in a direct hit to our SMEs as none of the high-quality products being produced by the sector end up losing out on promotion and profits.
When it comes to SMEs, visibility is one of the most vital requirements, to that end a permanent display centre would go a long way in helping SME entrepreneurs showcase their products and services to as wide a consumer base as possible.
Smaller entities need all the help they can get. The government and relevant bodies must focus on operations to help such enterprises to not just survive but thrive all the same. It behooves mentioning that there is also the need for a notice from the central bank that ensures smaller businesses are given the proper financial support they require.
Bangladesh's small and medium enterprises form an important component of the very foundations of our economy. While focusing on large industries such as RMG might be at the forefront of our administration's list of priorities, it would be foolish to not rank our SMEs as high if not higher.
