Govt to raise CMSME contribution to 60pc

The government is working to raise the contribution of the cottage, micro, small and medium enterprise sector to at least 60 percent of the national economy, Industries Minister Khandakar Abdul Muktadir said on Sunday.

He made the remarks while speaking as the chief guest at the inaugural ceremony of the BSCIC Monsoon Fair at the BSCIC Bhaban in Dhaka.

The minister said BSCIC industrial parks currently contribute around Tk65,000 crore annually to the national economy. However, he said the figure is still not satisfactory considering Bangladesh’s overall economic potential. “Although the contribution appears substantial, the current level of production remains below the country’s potential,” he said.

Referring to countries such as Vietnam and Cambodia, Muktadir said the CMSME sector contributes more than 50 to 60 percent to their economies. Bangladesh should also move in that direction to ensure inclusive economic growth, he added.

The minister said increasing the CMSME sector’s share in the economy would help reduce income inequality andensure greater participation of ordinary people in economic activities.

“We want the share of the CMSME sector in the economy to exceed 60 percent in the coming days,” he said.

Muktadir also instructed district-level officials to identify abandoned or unused industrial plots that have remained idle for years and take steps to recover and reallocate them to active entrepreneurs.

He said the performance of district officials would be assessed mainly based on their success in bringing such idle assets back into productive use.

To support future industrial expansion, the minister said feasibility studies would be conducted to expand industrial parks where available land has already been fully used. New industrial parks will also be developed in areas where demand is increasing.

He also pledged to speed up long-delayed industrial projects and said new initiatives under the “Sabuj Pata” project pipeline would be implemented within the current year.

Highlighting regional industrial development, Muktadir identified agri-business and light engineering as priority sectors. He urged officials working in project areas to prepare recommendations based on the industrial potential of their respective districts.

The minister directed officials to submit detailed proposals within one week. The proposals will be discussed in district- and industry-specific meetings scheduled for the following week.

He said coordinated efforts would be essential to achieving the target of raising the CMSME sector’s contribution to over 60 percent and promoting inclusive economic prosperity.