SME Tech Fair 2011 starts in city

Bangladesh is a potential place for investment and Indian entrepreneurs can avail of the facilities presently offered by the government, said Prime Minister's Economic Affairs Adviser Dr Mashiur Rahman Sunday. "Indian entrepreneurs can invest in small and medium enterprises (SMEs) in Bangladesh, considering low labour cost and investment-friendly environment here." "If the Indians invest here under joint venture, they can export their goods to the north-eastern states and other parts of the globe," he said while speaking as the chief guest of the inauguration ceremony of the SME Technology Fair 2011 at Bangladesh Handball Federation Stadium in the city. Industrial and Infrastructure Development Finance Company Limited (IIDFC), SME Foundation, Bangladesh Bank (BB), Bangladesh Federation of Women Entrepreneurs (BFWE) and National Small Industries Corporation (NSIC) of India jointly organised the fair. Dr Mashiur said modern technology can help boost industrial productivity to a large extent. He hoped that the fair will facilitate Bangladeshi entrepreneurs to get the first-hand idea of Indian technology on SMEs as well as share knowledge with their Indian counterparts. BB Governor Dr Atiur Rahman said the central bank has already issued an elaborate guideline on SMEs. It prescribes a clusterarea-based approach in identifying and utilising specific advantages of different regions for promoting diverse range of SME activities. "We are supporting the SME sector through a fund. So far the central bank has disbursed over Tk 17.61 billion through the refinancing facility," he mentioned. He hoped that the technology fair will assist the SME stakeholders of the two neighbouring countries to work closely and in a win-win situation, where all of them will be benefited. IIDFC chairman M Matiul Islam called upon the Indian entrepreneurs to invest here in manufacturing by-cycles and parts of agriculture equipments. IIDFC managing director Asaduzzaman Khan said the SMEs contribute 25 per cent of the country's gross domestic product (GDP). NSIC general manager Pralay Dey said SMEs contribute about 40 per cent of India's export. Around 62 million people are engaged in the sector that manufactures about 8,000 products. IIDFC and NSIC have signed a memorandum of understanding (MoU) on March 30 last year on sharing of new ideas and technology transfer between the entrepreneurs of Bangladesh and India. In the fair 38 Indian SMEs are participating with their new technological innovation. The fair will continue until October 16 from 10:00 am to 6:00 pm everyday. First secretary (commercial) of Indian High Commission B Shyam and president of Sokhi Components Jagbir Singh Sokhi, among others, also spoke on the opening session of the fair.