Limited access to finance, inadequate infrastructure, shortage of skilled manpower, insufficient policy support coupled with stringent conditions are the main bottlenecks to utilise the full potential of Bangladesh's Cottage, Micro, Small and Medium Enterprises (CMSME), said speakers at a programme on Monday.
Restricted access to local and global markets and slow adoption of new technologies are also hindering the growth of CMSME, they said, adding that the sector's contribution to the country's GDP is around 28 per cent while in Sri Lanka, Vietnam, and Cambodia, the contribution of this sector stands at nearly 50 per cent. They also underscored the need for effective branding, proper marketing strategies and compliance to boost exports of CMSMEs.
They made the observations at a discussion titled "Branding and Marketing Challenges for CMSMEs: Unlocking Export Potential" organised by Dhaka Chamber of Commerce and Industry (DCCI) in Motijheel, Dhaka.
While presenting a keynote paper, DCCI President Taskeen Ahmed highlighted that nearly 90 per cent of the country's industrial sector consists of CMSMEs and about 11.8 million people are employed by this sector.
He noted that the additional tariffs imposed recently by the USA on Bangladeshi exports, particularly on readymade garments, will lead to higher production and export costs. He urged the local entrepreneurs to focus on enhancing innovation and efficiency to reduce costs. In addition, complexities in import-export operations, high product costs and limited competitiveness in the global market continue to hinder the progress of CMSME entrepreneurs, he added.
He called for stronger support measures, including certification and compliance facilitation, training and incentives to enhance skills in sustainable technology adoption, product quality improvement and branding, government support for expanding exports to international markets, cluster development, integrated policy support, development of a CMSME database, attracting foreign investment to expand backward linkage industries and comprehensive support to the startup entrepreneurs.
Secretary, Ministry of Industries Md. Obaidur Rahman said that branding and marketing remain critically important yet challenging for the CMSMEs. He observed that the absence of strong national brands in global market has prevented the country from achieving its desired level of exports, and it requires urgent attention.
He said that Bangladesh's diplomatic missions abroad are yet to play a crucial role in identifying trade opportunities and challenges in international markets. He also noted that the SME Policy and Industry Policy will be revised, with new and emerging business sectors being incorporated into the framework.
In his speech, Chairman of Bangladesh Small and Cottage Industries Corporation (BSCIC) Md. Saiful Islam said that despite several institutional constraints, BSCIC has been providing support to the entrepreneurs through the establishment of industrial parks, low-cost financial assistance and training programmes.
He emphasised the urgent need for expanding the presence of Bangladeshi products on international digital platforms such as Amazon, E-bay, and Alibaba. Highlighting that the packaging and labeling of local products often lacks attractive appeal, he requested the entrepreneurs to look into this issue.
Vice Chairman and Chief Executive, Export Promotion Bureau (EPB) Mohammad Hasan Arif said, "In order to expand the presence of Bangladeshi products in the global market and build a positive national image of the products, at first, we need to change the mindset of our local consumers."
He said that to ensure comprehensive support for the entrepreneurs, EPB will establish an Export Ecosystem Platform as well as a CMSME Help Desk, where representatives from relevant government agencies will be designated as focal points.
Additional Director, SME and Special Programmes Department (SMESPD), Bangladesh Bank Muhammad Mustafizur Rahman emphasised the importance of product logos and designing products in line with consumers' demand, promotional campaigns, strengthening collaboration with local and international partners and celebrating success with consumers.
President of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) Shamim Ahmed highlighted the necessity of designing products by considering the tastes, culture, and environment of people in specific geographical regions.
Deputy Secretary and Director, Business Promotion Council (BPC), Ministry of Commerce, Dr. Md Razzaqul Islam said that with a view to diversifing products and fostering innovation for expanding into international markets, the Business Promotion Council is planning to establish an Innovation Lab. But, above all, positive branding of products is crucial for increasing export market and buyers confidence.
Managing Director, Creation (Pvt.) Ltd. and former director, DCCI Md. Rashedul Karim Munna underscored the importance of compliance certification for export to the global market, noting that Bangladesh is still lagging behind in this area.
Founder and CEO, Hat Bakso Md. Shafat Kadir said that although reciprocal tariffs recently imposed by the United States have increased product costs, effective branding and marketing can open new export opportunities.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, as well as entrepreneurs and stakeholders from relevant sectors also attended the event.
talhabinhabib@yahoo.com
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