We are encouraged by the recent meeting of the Investment Coordination Committee (ICC), which looks to finally acknowledge the importance of our small and medium enterprise (SME) sector as a core driver of the national economy.
SMEs have long been central to our nation’s growth, job creation, and economic resilience. At a time when our economy is undergoing a rebuild, their importance is more pronounced than ever before. Yet, over the years, we have largely dismissed them as an afterthought and a component of our informal sector – a line of thinking that must change.
To that end, we are also encouraged by some of the proposed reforms such as measures to remove the 10% mandatory deposit on foreign orders or allow loans up to Tk5 lakh without a trade licence.
Radical ideas are what we need now – the kind that could finally allow these entrepreneurs to be able to operate.
With that said, much like always, it is how we proceed with these potential ideas that will determine whether we are successful in truly empowering the SME sector. Indeed, this sector is no stranger to policy promises that ultimately fizzle out due to our all-too-familiar bureaucratic inertia.
The government therefore must ensure that reforms are implemented and reach the entrepreneurs who need them most.
Our economic future rests not only on export processing zones or high-rise boardrooms but in workshops, kitchens, labs, and corner shops across the country. If we truly want a more resilient, equitable economy, it is time we start seeing SMEs as integral solutions to our economic problems.
