Further policy support can produce more entrepreneurs, reduce rat race for jobs: Experts
Getting trade licences and complying with tax structures and other regulations are challenging for new and small entrepreneurs, they also said
Further policy support from the government in starting new businesses can produce more entrepreneurs and reduce the rat race for jobs in the country, experts at a seminar during the Bangladesh Business Summit in the capital have opined.
"In recent years, we have observed an entrepreneurial mindset among young generations. To promote this spirit, we should now think of some extent of regulatory relaxation and flexibility, so that they can start business and grow big," SME Foundation Managing Director and CEO Mafizur Rahman said.
"After a certain period, the privileged entrepreneurs can comply with rules applied for all. The strategy will, obviously, encourage the young generation to be entrepreneurs instead of chasing after the wild goose [jobs]," he said while presenting the keynote at the event, titled "Leveraging SMEs for Vibrant Supply Chain Linkage and Productivity Spillovers".
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Getting trade licences and complying with tax structures and other regulations are still challenging for new and small entrepreneurs, he pointed out and called for making the start of new businesses easier.
Malaysian High Commissioner to Bangladesh Haznah Md Hashim, SME Foundation Chairperson Md Masudur Rahman, Bangladesh Bank Deputy Governor Abu Naser Farah, Centre for Policy Dialogue Research Director Khondaker Golam Moazzem, Dhaka Chamber of Commerce and Industry President Barrister Md Sameer Sattar and Chattogram Chamber of Commerce and Industry President Mahbubul Alam, among others, spoke at the event.
Small and medium entrepreneurs still lack access to formal finance, speakers said, adding that the absence of market competitiveness, inadequate technical skills and management capacity, and lack of research and development are also the factors behind the slow growth of the SME sector.
Haznah Md Hashim said some reforms in fiscal policy can help Bangladesh bag more foreign direct investment as well as keep economy vibrant.
In another event, titled "Invest in Women's Participation in Smart Economy'', panellists emphasised digital and financial inclusion. The Federation of Bangladesh Chambers of Commerce and Industry organised the three-day summit at the Bangabandhu International Conference Centre in the capital, which ended yesterday.
