The SME Foundation has inaugurated a weeklong Baishakhi Fair to boost SME products, enhance market reach, and fortify buyer connections.
Commencing yesterday at the Bangladesh-China Friendship Conference Center in Agargaon, Dhaka, the SME Baishakhi Fair will continue until April 18.
Anwar Hossain Chowdhury, the SME Foundation’s managing director, emphasized that the fair aims to merge the cultural richness and festive essence of Bengal, offering visitors a distinctive experience and enlivening the Bangla New Year festivities.
With more than 150 stalls participating, SME entrepreneurs are displaying and vending a diverse array of products, ranging from handicrafts, jute goods, and apparel to agro-processed items, traditional wares, food items, jewelry, leather goods, perfumes, and lifestyle products.
Highlighting the significance of SMEs in the national economy, Commerce, Industries, Textiles, and Jute Minister Khandakar Abdul Muktadir noted that these sectors are the economic backbone. The minister revealed a recent Tk 300 crore credit wholesaling initiative to bolster SME growth, distributed through 15 banks and four financial institutions, with plans to potentially increase the allocation to Tk 2,000 crore in the future.
Emphasizing the potential of the SME sector in creating jobs, diversifying industrial output, and promoting wider economic engagement, the minister mentioned that SMEs currently contribute around 30 percent to Bangladesh’s economy, as per the SME Foundation.
The Bangladesh Bureau of Statistics Economic Survey 2024 indicates that nearly 99 percent of the country’s approximately 11.8 million industrial units fall under cottage, micro, small, and medium enterprises, employing about 85 percent of the total industrial workforce.
Employing over 30 million individuals, the SME sector serves as a crucial driver of socio-economic advancement in Bangladesh. Considering the country’s vast population and limited resources, the sector’s role in job generation and overall economic advancement is paramount, as per the commerce minister.
Established in 2006 under the industries ministries, the SME Foundation has assisted around 2.1 million entrepreneurs through various programs, with approximately 60 percent being women.
