Industries Minister Khandakar Abdul Muktadir has directed officials of the Bangladesh Small and Cottage Industries Corporation (BSCIC) to work towards increasing the Cottage, Micro, Small and Medium Enterprise (CMSME) sector's contribution to the national economy to more than 60 percent. This move aims to ensure broader public participation in economic growth and reduce income inequality.
Current Contribution and Potential
Muktadir noted that the BSCIC industrial parks contribute around Tk 65,000 crore annually to the national economy. However, he emphasized that this contribution remains below the country's potential. He compared Bangladesh's CMSME sector with those of Vietnam and Cambodia, where the sector accounts for more than 50 to 60 percent of their economies.
Strategic Initiatives
To achieve the target, the minister instructed district-level officials to identify and recover abandoned or unused industrial plots and reallocate them to active entrepreneurs. He also announced feasibility studies to expand existing industrial parks and establish new ones in areas with growing demand.
Prioritizing Sectors and Projects
Muktadir highlighted agri-business and light engineering as priority sectors and urged officials to submit detailed proposals within one week. These proposals will be discussed in district and industry-specific meetings scheduled for the following week. He also pledged to expedite long-delayed projects and implement new initiatives under the 'Sabuj Pata' (Green Leaf) project pipeline within the current year.
Significance and Future Steps
Raising the CMSME sector's economic share to over 60 percent is crucial for promoting inclusive economic prosperity in Bangladesh. Coordinated efforts and strategic initiatives are essential to achieving this target and ensuring wider participation of ordinary people in economic activities.
