Bangladesh experts have called for simplifying business regulations, introducing a one-stop digital licensing system and improving access to support services to spur MSME sector growth.
At an event marking the International MSME Day, they said entrepreneurs face harassment and delays as business-linked information and support services are scattered across institutions, with complex compliance requirements.
Nearly nine-tenths of businesses in the country are informal, employing around 85 per cent of the country’s workforce, largely due to regulatory barriers and complex business formalisation procedures, the event was told.
Entrepreneurs face frequent harassment and delays as business-related information and support services are scattered across multiple institutions, the experts said.
Industries, Commerce, Textiles and Jute Minister Khandakar Abdul Muktadir said as MSMEs are the lifeblood of the economy, strengthening the sector is essential for ensuring sustainable economic growth and generating employment.
Economic activities in the country cover only a limited number of sectors, contributing to income disparity, he said, adding that the share of MSMEs in GDP is higher in neighbouring countries.
The Bangladesh Small and Cottage Industries Corporation is implementing new industrial park projects in Pabna, Sylhet, Nilphamari and Syedpur, while feasibility studies are under way to establish additional parks in areas with strong demand for industrial plots, domestic media outlets cited the minister as saying.
The government has adopted a long-term plan to transform the country’s textile and jute industries into modern, sustainable and export-oriented sectors, Muktadir told parliament recently.
Fibre2Fashion News Desk (DS)
