The government is working to raise the contribution of the cottage, micro, small and medium enterprise (CMSME) sector to 60 per cent of the national economy as part of its broader strategy to generate employment and accelerate inclusive economic growth, Commerce Minister Khandakar Abdul Muktadir has said.
Speaking at a workshop titled "Contribution of BSCIC Industrial Estates to the National Economy and Measures to Overcome Existing Challenges" on Sunday, he said expanding the CMSME sector was essential for reducing unemployment and strengthening the country's industrial base.
The workshop was organised by the Bangladesh Small and Cottage Industries Corporation (BSCIC) at its office in the capital.
Muktadir said the industrial sector must be expanded through the speedy implementation of both the ongoing and new development projects.
He instructed BSCIC officials to submit concrete proposals within the next seven days to accelerate industrialisation and create more employment opportunities across the country.
"The proposals will be reviewed immediately, and necessary steps will be taken for their implementation without delay," he said.
Bangladesh's unemployment rate stood at around 3.8 per cent in the latest official Labour Force Survey as underemployment and the shortage of quality jobs remained major challenges, particularly for young people entering the labour market every year, he also said.
"Against this backdrop, our policymakers have increasingly identified the CMSME sector as a key driver of employment generation because of its labour-intensive nature and relatively low investment requirements," the minister said.
He said the government had undertaken a number of initiatives in recent years to strengthen the sector, including expanding SME credit facilities through banks and financial institutions and introducing low-cost refinancing schemes through the central bank.
Other initiatives included developing new industrial estates under BSCIC, promoting entrepreneurship among women and youth, and providing training, technology support, and business development services to small entrepreneurs, he added.
Muktadir said the government was also working to improve market access, product diversification, export readiness, and ease of doing business for small enterprises.
BSCIC Chairman Md Saiful Islam said the corporation was not merely an institution but a symbol of Bangladesh's industrialisation.
"We are committed to making our highest contribution to Bangladesh's development journey and building a prosperous nation. We firmly believe that the development of cottage and small industries will help create a happy, prosperous, and industrialised Bangladesh," he said.
He also said BSCIC would continue working relentlessly to promote economic development, self-reliance, and sustainable industrial growth through the expansion of small and cottage industries.
Industries Secretary Abdun Naser Khan underscored the need for coordinated efforts among government agencies, financial institutions, and entrepreneurs to unlock the full potential of the CMSME sector.
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