DCCI & SME Foundation sign MoC for business development in Bangladesh

Managing director of SME Foundation Dr. Md. Mafizur Rahman and secretary general of Dhaka Chamber Afsarul Arifeen signed the document on behalf their respective organisations at the DCCI, according to a press release by the DCCI.

During the signing ceremony, DCCI President Rizwan Rahman said that the Confederation of the Micro, Small, and Medium Enterprises (CMSME) sector sometimes faces different challenges related to financing, industry infrastructure, innovation, skills, and modern technology despite the sector alone contributing more than 25 per cent to the gross domestic product (GDP). He said that the DCCI and SME Foundation will work together for the inclusive development of the CMSME.

Chairman of the SME Foundation Dr. Md. Masudur Rahman said that inclusive growth cannot be attained if societal disparities exist. He noted that development of the SME sector will ensure this inclusivity as the sector covers a major portion of the economy. Dr. Rahman added that the SME Foundation and DCCI will join hands to move together for policy advocacy. The chairman also emphasised that Bangladesh is going through a transition and work needs to be done for technological advancement.

Innovation in production requires research and development, and high-end skills must be compensated with higher wages to get better output, Dr. Rahman said. He termed the private sector as the main engine of growth and said it would lead the economy while having a good synergy with the public sector, added the release.

Managing director of the SME Foundation Dr. Md. Mafizur Rahman said that the CMSME sector creates 85 to 89 per cent employment generation in the country. SME’s contribution to GDP is now about 27 to 28 per cent. The women account for more than 50 per cent of the country’s population and they need adequate support to develop their entrepreneurial skills, he added.

Fibre2Fashion News Desk (NB)