DHAKA, Nov 08, 2018 (BSS) -Speakers at a seminar here today underscored the need for enhancing the contributions of the Small and Medium Enterprises (SMEs) to advance the country like Japan.
The speakers came up with the observation at the International Cooperation Organisation for Small and Medium Enterprises in Asia (ICOSA) seminar on “The Role of SMEs in the National Economy-the Case of Japan and How Bangladesh should go ahead” at the Banani Club in the city.
The Japan Bangladesh Chamber of Commerce and Industry (JBCCI), Bangladesh Aots Alumni Society (BAAS) and Chattogram Aots Alumni Society (CAAS) jointly organised the seminar.
Economist Professor Dr Wahiduddin Mahmud attended the seminar as the chief guest while ICOSA President Professor Dr Kurose Naohiro delivered the key note paper.
Chittagong University Professor Dr Mohammad Saleh Jahur, Former Secretary Dr Muhammad Abdul Mazid, and JBCCI Member Secretary Dr AKM Moazzem Hussain were, among others, present on the occasion.
In Japan, Kurose Naohiro said, SMEs account for 99.70 percent of enterprises or 3.8 million companies, including 4,10,000 manufacturing companies and those who work there share 70.10 percent of employed workers or 33.61 million for non-primary industry.
“SMEs are contributing as a place of labor for many people in any era, but in addition to that, SMEs play a different role for the national economy in each era than large enterprises,” he added.
Abdul Mazid said SMEs are the backbone of the national economy and it is also vital for sustainable and viable economic development of the country.
The government should take more initiatives, including credit facilities and tax incentives, for further development of the sector, he added.
Saleh Jahur said the development of SMEs in Bangladesh like other developing economies depends on four important factors– macroeconomic aspect, business environment, growth opportunities and historical determinants.
Despite continuous endeavor on the part of government and its agent to develop SMEs in Bangladesh, SMEs face problems and challenges in all four aspects specifically market and networking, technology, finance, poor infrastructure and policy support of government, and entrepreneurial professional and managerial credibility, he added.
He urged the authorities concerned to take necessary steps to overcome the challenges and increase the roles of SMEs in the country’s national economy.