Dhaka, Bangladesh (BBN)– Micro, Small and Medium Enterprises (MSMEs) are one of the critical drivers in the country’s upper middle income transition, Bangladesh Bank (BB) Governor Dr. Atiur Rahman said on Saturday.
“The global financial crisis acutely reminded us we need two growth engines: export and domestic demand. Fortunately, we have been working on both of these engines by empowering MSME,” BB Governor Dr. Rahman said while inaugurating an international conference in the capital Dhaka.
Experts, policy makers and senior bankers are participating in the two-day long conference on Development of Micro, Small and Medium Enterprises (MSMEs) in Bangladesh: Sharing Asian Experiences, organised by the Southeast University.
The central bank chief also said the MSME sector is the key driver of sustainable development.
In Bangladesh, MSME accounts for 24 per cent of total credit portfolio, 25 per cent of total labor force, 32 per cent of GDP (gross domestic product), 40 per cent of employment, and 80 per cent of industrial jobs, according to the BB governor.
“We’ve a young population who needs more and better jobs. We’ve actively leveraged our financial system for empowerment initiatives in agriculture, MSME, women entrepreneurship, and green financing. These initiatives have created jobs and underpinned our domestic demand,” Dr. Rahman explained.
He also said the central bank of Bangladesh has tried its best to provide regulatory and financial support to MSMEs.
Vice Chancellor of the Southeast University, Professor Dr. Anwar Hossain presided over the inaugural session while Director General (DG) of CIRDAP Dr. Cecep Effendi, DG of BIBM Dr. Toufic Ahmad Choudhury, Executive Director of InM Dr. Mustafa K. Mujeri were present as special guests.
Md. Rezaul Karim, Chairman, Board of Trustees, of the Southeast University Trust; Conference Director Professor M.A. Hakim, and Co-Director Mr. Sukamal Sinha Choudhury, experts, chief executive officers from both banks and non-banking financial institutions; representatives from trade bodies and SME Foundation attended the opening session.