Economy
DCCI Seminar Underscores Role of SME Policy in Boosting Exports
During a seminar held on Saturday, speakers emphasized the need to enhance the capabilities of small and medium enterprises (SMEs) to help them navigate the challenges of LDC Graduation and boost exports.
They highlighted several crucial factors for the comprehensive development of the SME sector, including technological advancement, access to financing, marketing opportunities, research and innovation, product diversification, cluster-based skill development, and infrastructure.
The seminar, titled ‘Improving Export Capabilities of SMEs: Succeeding Globally upon LDC Graduation,’ was organized by the Dhaka Chamber of Commerce & Industry (DCCI).
Dr. Shirin Sharmin Chaudhury, MP, Speaker of the Bangladesh Parliament, attended the event as the chief guest. She acknowledged the resilience of Bangladesh’s SMEs, which contribute over 30 percent to the GDP. However, she also recognized the challenges facing the sector and urged policymakers to address these issues.
Dr. Shirin emphasized the importance of technology adoption to access virtual markets and encouraged SME entrepreneurs to use the Joyeeta Foundation platform for product sales.
Barrister Md. Sameer Sattar, President of DCCI, highlighted the need for preparation, as exporters, including SMEs, will face tariffs ranging from 8 percent to 16 percent on their exports after 2026. He emphasized the strong SME foundation in Bangladesh, contributing significantly to the country’s GDP, manufacturing value addition, and job creation.
Sattar proposed revising the SME definition to exclude medium-sized businesses, as they often enjoy privileges. He also recommended that banks offer SME-specific export financing, such as credit insurance, export development funds, and working capital loans, to address financial challenges related to exports.
He stressed the importance of maintaining an updated central SME database and endorsed foreign investment, technology transfer, and cluster development for export-oriented SMEs.
Dr. Selim Raihan, Executive Director of SANEM, delivered the keynote presentation during the seminar. He highlighted challenges faced by Bangladesh’s SMEs, including capacity limitations, policy and regulatory issues, financing hurdles, infrastructure gaps, and skills shortages.
Raihan suggested that the import tariff for SMEs in Bangladesh be made more investment-friendly, as it is currently relatively high.
Other speakers at the seminar included Kohinoor Yeasmin, CEO of Tarango; Rezbin Begum, MD of People’s Leather Industry; AFM Asif, CEO of Bengal Meat Processing Industries Ltd; and Dr. Md. Kabir Ahmed, Executive Director of Bangladesh Bank, who participated as panel discussants.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
