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Cash crunch stymies software growth

Developers tell post-exposition press conference

Star Business Report
Software developers yesterday said they are faced with cash crunch, hurting the expansion of the sector.
They said banks do not take intangible assets into account in extending credit facility and software developers are deprived of such sourcing funds from the bankingsystem.
They said such problems are hindering expected growth of the sector despite being termed to be a thrust sector.
The software developers made the observations while speaking at a post software exposition which concluded recently.
Faced with such problems, the industry is finding it difficult to create sufficient jobs, much to frustration of skilled IT professionals, they said.
Moreover a government commit-
ment to allocate two percent of annual development programme for the development of IT sector has not yet been implemented, they said. ‘
The organisers announced that they will organise a regional software exhibitions next year to promote young entrepreneurs residing outside Dhaka.
Terming the exhibition a successful one, TIM Nurul Kabir, acting president of Bangladesh Association of Software and Information Services (Basis), organiser of Softexpo 2004, said most of the participating companies bagged good deals of businesses.
A number of 23 top management officials of 16 Danish companies participated in the fair and held meetings with 35 local companies, he said adding that the companies got assurance to seal partnership deals with at least 25 local firms.
Decode, a local software developing company, has netted an animation outsourcing contract of $22 million from PlanLarge of Canada.
Regarding the outcome of the exhibition, he said Basis has promoted 11 young entrepreneurs through the fair who received good responses for their products from the visitors and also received assurance of financial assistance.
Speaking at the press conference Fahim Mashrur, a director of Basis, said as there is a big gap between lessons taught in educational institutes and what is required in reality. The local companies lack qualified IT professionals for different posts.
A total of 120 companies participated in the five-day fair. SouthAsia Enterprise Development Facility (SEDF) sponsored the seminars organised during the show which attracted more than 50,000 visitors.