DCCI for SME act, new definition of CMSMEs

Dhaka Chamber of Commerce and Industry (DCCI) on Monday called on the government to formulate an SME act and redefine cottage, micro, small and medium enterprises (CMSMEs) in the upcoming Industrial Policy.

DCCI President Rizwan Rahman said 75% entrepreneurs in Bangladesh belong to small and medium-sized enterprises (SMEs).

“But the CMSMEs are not getting loans from the stimulus package and other non-fiscal policy support like the medium enterprises,” Rizwan said.

“So, there has to be a new definition of CMSMEs, and an SME act will have to be formulated instead of policy.”

Rizwan also proposed to undertake a project to create a sector-specific database of CMSMEs to bring them under policy assistance.

He also called on setting up agro-based economic zones in areas like Jessore, Rangpur, Mymensing and Sylhet.

The DCCI president also urged the government to ensure an investment-friendly environment for the development of the export-oriented manufacturing sector and to increase the investment – GDP ratio to 36.99%.

For export diversification and market expansion, he suggested providing back-to-back letter of credit (LC) facility to the potential sectors like the one that the apparel sector is enjoying now.

The DCCI president made the calls and proposals as he met with Industries Minister Nurul Majid Mahmud Humayun at the ministry.

At that time Humayun focused on countrywide industrialisation with the help of cluster development so that every corner of the country can be brought under rapid industrialisation.

Industries Secretary KM Ali Azam said, “To face the challenges of 4IR, both the public and private sector should come forward to reskilling and up-skilling the workforce.”