Govt targets raising CMSME’s contribution to 60% of economy: Industries minister
He says although the Tk65,000 crore contribution appears substantial, it is not satisfactory considering Bangladesh's economic potential.
Highlights:
- BSCIC industrial parks contribute around Tk65,000 crore annually to economy
- Current industrial output remains below Bangladesh's potential, says minister
- Govt to expand existing industrial parks and build new ones in high-demand areas
- Long-delayed industrial projects to be expedited this year
- Govt wanted to raise CMSMEs' contribution to GDP to 35% by 2030 from the current rate of 28%.
- Minister cites Vietnam and Cambodia as models for stronger CMSME-driven economies
The government is working to raise the contribution of the cottage, micro, small and medium enterprise sector to at least 60% of the national economy, Industries Minister Khandakar Abdul Muktadir said today (5 July).
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Expanding the sector would require the swift implementation of ongoing and new development projects, he said while addressing a workshop at the Bangladesh Small and Cottage Industries Corporation headquarters in Tejgaon.
He instructed the small and cottage corporation officials to submit specific project proposals within the next seven days, saying the government would review them and begin the next phase of implementation without delay.
Referring to countries such as Vietnam and Cambodia, he noted that the cottage, micro and enterprise sector accounts for more than 50% to 60%of their economies.
Increasing the sector's share in Bangladesh, he said, would help reduce income inequality and ensure wider participation of ordinary people in economic activities.
"We want the share of the cottage, micro and enterprise sector in the economy to exceed 60% in the coming days," he said.
"The contribution of BSCIC [small and cottage corporation] industrial parks is around Tk65,000 crore annually to the national economy. The current level of production remained below the country's potential," he said.
Muktadir said that although the Tk65,000 crore contribution appears substantial, it is not satisfactory considering Bangladesh's economic potential.
Industries Secretary Abdun Naser Khan attended the event as a special guest, while small and cottage corporation's chairman Md Saiful Islam presided over the workshop.
Saiful Islam said the corporation is not just an institution but a key driver of Bangladesh's industrialisation, employment generation and economic self-reliance.
He outlined several future priorities, including establishing environmentally friendly industrial estates and industrial parks, reviving closed and sick factories in the corporation industrial estates, ensuring full allocation of vacant industrial plots, modernising beekeeping through technology, implementing the "One Village, One Product" initiative and upgrading design centres.
Officials from the corporation's industrial estates across the country participated in the day-long workshop, which reviewed the organisation's 69-year contribution, existing challenges and opportunities to strengthen its operations.
Later in the day, the minister inaugurated a five-day fair at the headquarters. The fair features 56 stalls showcasing traditional products made by small, cottage and handicraft entrepreneurs from across the country and will remain open until 9 July from 10am to 8pm daily.
