CMSME share to economy must reach 60pc: Minister

The government is actively working to elevate the contribution of Micro, Cottage, Small, and Medium Enterprises (CMSMEs) to over 60 percent of the national economy, Industries Minister Khandakar Abdul Muktadir said on Saturday.

Speaking as the chief guest at a view-exchange meeting with local industrialists and a cheque distribution ceremony at the Bogura BSCIC District Office conference room, the minister highlighted that expanding the CMSME sector would broaden public participation in the economy, generate widespread employment opportunities, and help narrow income inequality.

He said business activities through small, medium and cottage industries currently account for around 36 percent of the country’s GDP.

“If this contribution exceeds 60 percent, the lifeblood of the economy will become more vibrant. At the same time, income inequality will decline, as more people will get the opportunity to participate directly in economic activities,” he said.

“Our goal for the coming days is to expand the number of entrepreneurs in small, medium, micro and cottage industries on a large scale. The more people participate in the overall economic activities, the more widely the benefits of economic growth will be distributed,” the minister said.

Emphasising the need for skilled manpower for the development of the light engineering and leather industries, he said an initiative has been taken to establish a training centre to enhance design and technical skills in the two sectors, said a ministry press release.

The physical infrastructure of the centre has already been completed, and necessary equipment will now be installed, he said.

The minister said an internationally reputed organisation may be entrusted with operating the training centre. Initiatives have been taken to work with organisations from Italy, Germany or other European countries in this regard.

The centre will provide training to enhance design skills in the light engineering sector as well as improve the skills of new operators, he added.

Highlighting the potential of Bogura’s light engineering industry, the minister said Saidpur could also play an important role in developing the sector.

“Because of its railway junction and geographical location, Saidpur is a promising industrial hub,” he said, adding that there are plans to bring entrepreneurs and interested people from the region to the training centre for skills development.

Speaking about Bangladesh’s industrial structure, the minister said labour-intensive industries are particularly important for an economy like Bangladesh.

Although investment and profit are higher in high-tech and capital-intensive industries, employment opportunities there are comparatively limited, he said. In contrast, most industries in Bangladesh are labour-intensive and require relatively less capital.

“It is not possible to operate low-capital businesses at interest rates of 13-14 percent. Considering this reality, the government is taking various measures to reduce the cost of funds,” he said.

Regarding energy supply, the minister said the government is taking various initiatives to ensure fuel and energy for industries.

“However, it is not possible to resolve all the complexities created in the past overnight. It requires time, realistic planning and effective implementation,” he said.

“The disorder we inherited is so complex that it cannot be resolved by simply blowing on it. It requires time, tough and realistic planning, and implementation of those plans,” he added.

The minister also urged entrepreneurs to come forward to undertake and implement projects that are less dependent on energy. The government will provide necessary logistical support for implementation of such projects, he said.

BSCIC Chairman Benjir Ahmed delivered the welcome address at the programme.

Bogura-6 MP Md Rezaul Karim Badsha, Bogura-5 MP Golam Mohammad Siraj, Bogura-7 MP Morshed Milton and women entrepreneur Shamsun Nahar Swarna also spoke as special guests.

At the end of the programme, the Industries Minister distributed loan cheques among the entrepreneurs.