The recent observance of International MSME Day 2025 in Dhaka has underscored the pivotal role that small and medium-sized enterprises (SMEs) play in Bangladesh’s economic landscape.
As highlighted by Lutfey Siddiqi, Special Envoy for International Affairs to the Chief Adviser, the government’s commitment to supporting young entrepreneurs in the SME sector is not just commendable; it is essential for fostering innovation and sustainable growth.
Our newspaper on Monday reported that with the global economy projected to require 600 million new jobs by 2030, and MSMEs expected to create seven out of every ten of these positions, the urgency for robust support systems cannot be overstated.
Currently, MSMEs account for 90 per cent of all businesses and contribute significantly to employment and GDP worldwide.
In Bangladesh, the SME sector is a vital engine for economic development, and aligning local businesses with global standards is crucial for maintaining competitiveness.
Siddiqi’s emphasis on expanding international networks and providing support for participation in trade fairs, obtaining certifications, and accessing digital export platforms is particularly relevant.
These initiatives will not only enhance the visibility of Bangladeshi products on the global stage but also empower entrepreneurs to thrive in an increasingly interconnected world.
Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), rightly pointed out that a strong SME sector is integral to building an innovative and inclusive economy.
The one-stop service centre established by BIDA is a step in the right direction, offering essential services that can facilitate SME growth. However, the challenges remain significant, particularly in terms of financial access.
The UN’s findings reveal that a substantial percentage of entrepreneurs in developing nations struggle to secure credit, highlighting a critical barrier that must be addressed.
Without a clear commitment from policymakers, the progress made in supporting SMEs could falter.
As we celebrate the contributions of MSMEs, exemplified by the recent product exhibition featuring women entrepreneurs, we must continue to advocate for policies that empower these businesses.
By investing in the future of our entrepreneurs, we are not only fostering economic growth but also paving the way for a more inclusive and sustainable society.
Let us ensure that our young entrepreneurs receive the support they need to thrive.
