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SME products can offset export slowdown

Analysts suggest export diversity

Star Business Report
Bangladesh can offset falling RMG exports, the country's main shipment, by adding SME products to the export basket, experts said yesterday.
A seminar was organised by the International Chamber of Commerce Bangladesh (ICCB) in collaboration with UN ESCAP and BRAC Bank, to discuss further opportunities forSMEs in Bangladesh.
“SMEs are an important source of revenue in most developing economies,” said Mahbubur Rahman, president of ICCB, citing examples of Taiwan, China and India where the sector contributed 56 percent, 40 percent and 31 percent,
respectively, to exports.
Although SMEs make up most of the readymade garment sector, and account for 80 percent of total exports, other SME products should be explored to diversify the export basket, Rahman said.
“Sole reliance on garment exports will not give us a sustainable foreign trade growth. We, unfortunately, are yet to see any other SME making considerable headwayin entering into export markets."
“However, in recent past, we have seen a few products, for instance, plastic, make their mark in the domestic market and thus become import substitute enterprises,” he added.
READ MORE ON B3 products, and thus enabling them to gain competitive edge at the international market.”
Masato Abe, ESCAP's economic affairs officer, said SMEs have played an important role in creating jobs in south Asian countries, including Bangladesh.
“Most countries are now focusing on export-led SME growth due to regional integration,” said Abe, citing opportunities presented by the increasing tendency ofWestern firms to outsource their activities offshore.
Asif Ibrahim, president of Dhaka Chamber of Commerce and Industry, stressed the need for developing a stable SME policy that entails removing administrative barriers.
He recommended employment of a 'clustering approach' to develop SMEs, with special attention shed on the engineering sector.
Syed Mahbubur Rahman, managing director of BRAC Bank, said the prospects for SMEs are immense, thanks to the opportunity to export innovative products.
The local marketers, however, are not exploiting the opening presented by international markets due to lack of awareness, he said.
Later at a working session, Rokia Afzal Rahman, president of Bangladesh Federation of Women Entrepreneurs, said the plastic industry has a vast market abroad.
She cited increasing popularity of recycled plastic goods globally, giving example of recycled plastic bottles which are currently being exported to China.
Latifur Rahman, vice-president of ICCB, also spoke.
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Rahman pointed out some key factors holding back the growth of SMEs in Bangladesh: lack of access to capital, high interest rates, lack of awareness of export opportunities and weak marketing.
Bangladesh Bank Governor Atiur Rahman, the chief guest at the seminar, echoed Mahbubur Rahman's views regarding export diversification through SME products to achieve sustainable growth.
Apart from tangible goods, significant scope lies in export of IT-enabled services, he said.
Bangladesh Bank will launch e-commerce service in a few months' time, which would to facilitate international trade, the governor said.
“It will create a new window of opportunity for local small enterprises to sell their products online to the international market, including non-resident Bangladeshis,” he said.
He feels that non-resident Bangladeshi entrepreneurs would able to promote e-commerce of local SME entrepreneurs as they are familiar with both the worlds.
Banks, too, can play a defining role in developing the online marketingplatform.
Accounting and legal services from SMEs, too, can be served as exports thanks to the e-commerce platform, as Indian entrepreneurs’ great success in this field shows, Rahman added.
Syed Rezwanul Kabir, managing director of SME Foundation, also stressed the need for export-led SME growth.
“Time has come to devise ways to upgrade the technology on hand as it will help local SMEs produce quality