SMEs are the lifeline of our economy: Commerce Minister

Commerce Minister Tipu Munshi has said SMEs, contributing about 26% to our GDP, are the lifeline of our economy, and the government will provide support to all sectors with export potential, enabling them to be more competitive.

The global economic dimension has changed a great deal, and more institutional research is needed to help SMEs sustain in the international market with access to diversified exports, said the minister when Dhaka Chamber of Commerce & Industry (DCCI) President Rizwan Rahman called on him at his secretariat office on Monday.

In the greater interest of our economy, Tipu Munshi assured the chamber president of all manner of support from the ministry and requested him to put forward necessary recommendations from the business community for the government's consideration.

Keeping in mind the LDC graduation of Bangladesh, Rizwan Rahman requested the minister to allow the same fiscal and non-fiscal facilities to all export-oriented sectors, like the RMG sector.

He added that the government could take the initiative to sign a Free Trade Agreement (FTA) with the UK in the post-Brexit era.

The Companies Act sets the capital limit of Tk25 lakh and sales transaction value of Tk1 crore to register a One Person Company (OPC) business. To this point, the DCCI president requested the minister to reconsider the clause and reduce the threshold.

He also emphasised the importance of formulating a comprehensive trade policy to boost export diversification. Given that most businesses are still struggling with pandemic challenges, they require at least one year's extension on both moratorium and repayment period for loans under the stimulus package.

He believed the ministry's cooperation would help to expand our exports and secure more investment.

From DCCI, its Secretary-General Afsarul Arifeen, Secretary Md Joynal Abdin, Senior Vice President NKA Mobin, Vice President Monowar Hossain were also present during this meeting.