MSMEs are the lifeblood of country’s economy Commerce Minister

Industries, Commerce, Textiles and Jute Minister Khandakar Abdul Muktadir yesterday said micro, small and medium enterprises (MSMEs) are the lifeblood of Bangladesh’s economy, stressing that strengthening the sector is essential for ensuring sustainable economic growth and generating employment.

“MSMEs account for around 90 percent of businesses and more than half of global employment. In Bangladesh, the sector currently contributes about 25 percent to the country’s gross domestic product (GDP),” he said.

Muktadir also announced that the government has taken various initiatives to expand the Micro, Small, and Medium Enterprises (MSME) sector including plans to establish new industrial parks alongside existing BSCIC industrial estates.

The minister made the remarks while speaking at a programme marking the ‘International MSME Day-2026′ at the Bangladesh Investment Development Authority (BIDA) conference room in the city.

“The country’s economic activities have become concentrated within a limited number of sectors, contributing to income disparity,” he said, adding that the share of MSMEs in GDP is higher in neighbouring countries such as Vietnam, Cambodia, India and Pakistan.

Reflecting on past challenges, the Commerce Minister pointed out that the rate of creating new entrepreneurs over the last 17 years was critically low.

Furthermore, existing industrial units could not utilise their full production capacity due to acute gas shortages, which ultimately widened income inequality, he said.

Assuring business owners of policy interventions, the minister emphasised that the current government is working with sincere dedication to resolve the prevailing gas crisis to boost the manufacturing capacity of factories across the country.

This year’s International MSME Day was observed under the theme, “Human-Centric Entrepreneurship in Enhancing Future Economic Growth for the Next Generation of MSMEs,” highlighting the importance of inclusive and sustainable entrepreneurship in the era of artificial intelligence and the Fourth Industrial Revolution.

Senior government officials, business leaders, and representatives from the SME sectors were present at the event.