Bolster technology transfers, support SMEs: Entrepreneurs

Inadequate access to financing, a lack of digital engagement and infrastructure are hindering the progress of the country's Small and Medium-sized Enterprises (SMEs), said entrepreneurs at a seminar on Saturday.

They also emphasised the need to bolster technology transfers and enhance skill and capacity development to empower such enterprises at the seminar titled Technology for Smart SMEs, organised by the Dhaka Chamber of Commerce & Industry (DCCI).

GBL Limited Managing Director Md Saifur Rahman highlighted Bangladesh's current rankings in the entrepreneurship development and global innovation index, stating that the country stands at 84th and 105th, respectively. He emphasised the urgent need for improvement in these two indices.

"It is imperative that both the public and private sectors collaborate to accelerate the technological advancement of SMEs," Rahman said, "but the current efforts are not sufficient."

DCCI President Md Sameer Sattar said, "Despite having a 25% share of the GDP, SMEs are facing core challenges in terms of access to finance, connecting supply chains, skill diversity, and limited advanced technology that is holding back their desired growth."

He added, "Since SMEs are working in the backward linkage of large businesses, they are also affected with the challenges faced by large businesses like product standards, global competition, and compliance and other external factors."

Shahadat Khan, CEO of Tally Khata said, "India set up a ministry for SMEs in 1999, but Bangladesh could not create its own yet. There is no proper data on SMEs, so we cannot work properly."

Suraiya Alam, owner of Suraiya Fashions and member of the SME standing committee DCCI, said they do not get enough support from current government agencies. She felt that a separate ministry would help them more to facilitate business and the sector.

Md Shamsul Arefin, secretary of the Information and Communication Technology Division, said the private sector gets the most benefits out of good governance as they can get easy and hassle free government services.

He said that adequate data of the SME sector is essential for taking data-driven decisions by the government. He termed the CMSME sector as the main player of economic growth in the country.