No alternative to SMEs for rapid industrialization: Amu

30 Nov,2017


Dhaka, BdChronicle:

Industries Minister Amir Hossain Amu has described Small and Medium Enterprises (SMEs) as the ‘life blood’ of Bangladesh economy.

He was speaking at the opening session of the 21st International Conference on Small and Medium Enterprises at India Habitat Centre in New Delhi on Thursday.

Indian Vice-President M Venkaiah Naidu spoke as the chief guest at the conference which was also addressed by Indian Commerce and Industry Minister Suresh Prabhu and Mauritious Minister of Business, Enterprise and Co-operatives Soomilduth Bholah, according to Bangladesh High Commission in New Delhi.

The theme of the conference, organized by World Association of Small and Medium Enterprise (WASME) this year has been “Achieving Inclusive and Sustainable Industrialization by Promoting SMEs.”

Minister Amu said for Bangladesh there is no alternative to small and medium enterprises for rapid industrialization and national economic growth.

SMEs require lower capital investment and generate employment, he said.

“Currently we have one million of SMEs including the micro industry. SMEs have been contributing about 23% of GDP to the value addition in manufacturing sector in Bangladesh,” he said.

He said various categories of SMEs together contribute up to 85 percent of the country’s industrial employment.

Amu said Bangladesh government under the dynamic and visionary leadership of Prime Minister Sheikh Hasina is providing every possible support for the development and upgradation of the country’s SME sector.

The SMEs development, he said, are incorporated with the government manifesto in order to achieve the employment targets, industrial growth, improved socio-economic structure and keep positive impact to GDP.

The Government of Bangladesh considers SMEs as the driving sector for employment generation, sustainable industrial development, economic growth and poverty alleviation, he said.

Earlier, Minister Amu held separate meetings with Indian VP Naidu, Minister Prabhu, Mauritus Minister Bholah and Indian State Minister for Finance Shiv Pratap Shukla.

WASME President Alhaji Babale Umaru Girei, its Vice-President Dumisani J Msibi also spoke at the conference welcoming the delegates.

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