STAR BUSINESS REPORT

The SME Foundation has, for the first time, organised a weeklong Baishakhi Fair to promote SME products, expand market access, and strengthen buyer linkages.

The week-long SME Baishakhi Fair began yesterday at the Bangladesh-China Friendship Conference Center in Agargaon, Dhaka, and will run until April 18.

Anwar Hossain Chowdhury, managing director of the SME Foundation, said the fair was designed to bring together the rich heritage, culture, and festive spirit of Bengal, offering visitors a unique experience while making the celebration of the Bangla New Year more vibrant.

More than 150 stalls are participating in the fair, where SME entrepreneurs are showcasing and selling a wide range of products, including handicrafts, jute goods, ready-made garments and fashion accessories, agro-processed items, traditional and heritage products, prepared foods and street food, jewellery, leather goods, as well as perfumes and lifestyle products.

Commerce, Industries, Textiles and Jute Minister Khandakar Abdul Muktadir has said the SME and MSME sectors together make up the backbone of the national economy.

He emphasised that a significant portion of Bangladesh’s economy operates within the informal sector, where SMEs play a vital role.

A Tk 300 crore credit wholesaling programme has recently been introduced to support SME development, the minister stated. This funding is being disbursed through 15 banks and four financial institutions. He expressed optimism that the allocation could be increased to Tk 2,000 crore in the future.

The minister also highlighted that strengthening the SME sector can generate employment, diversify industrial production, and encourage broader participation in economic activities. Currently, the SME sector contributes around 30 percent to Bangladesh’s economy, according to the SME Foundation.

As per the Bangladesh Bureau of Statistics Economic Survey 2024, nearly 99 percent of the country’s approximately 11.8 million industrial establishments are classified as cottage, micro, small, and medium enterprises. These enterprises account for about 85 percent of total industrial employment.

With over 30 million people employed, the SME sector is a key driver of socio-economic development in Bangladesh. Given the country’s large population and limited resources, the sector plays a critical role in job creation and overall economic progress, the commerce minister said.

Since its establishment in 2006 under the industries ministries, the SME Foundation has supported approximately 2.1 million entrepreneurs through various programmes, of whom around 60 percent are women.