2024-07-05 06:19:24
The Government of Bangladesh’s Small and Medium Enterprises (SME) Foundation and Oxfam in Bangladesh will work together to develop the country’s approximately 7.8 million small and medium enterprises (SMEs).
The MoU was signed at the SME Foundation office in Agargaon on Thursday (July 4). Where the two organizations hope to ensure national economic growth by strengthening this sector.
Small and medium enterprises account for 90 percent of global trade. According to the Bangladesh Bureau of Statistics (BBS), Bangladesh has about 7.8 million SMEs, which account for 25 percent of the country’s total labor force and 80 percent of employment in the industrial sector. In that vein, this MoU signed between SME Foundation and Oxfam in Bangladesh will be an important step in the development of business services and entrepreneurship in the small and medium enterprises sector of the country.
In this context, the chairperson of the SME Foundation, Professor Dr. Md. Masudur Rahman said, ‘This MoU is an important step towards ensuring the sustainable growth of small and medium industries in Bangladesh. By working with Oxfam, we can work to develop SMEs holistically, helping them overcome financial barriers and achieve long-term success.’
Oxfam in Bangladesh Country Director Ashish Damle said, ‘SMEs play an important role in achieving economic growth and poverty alleviation in Bangladesh. Through this partnership with the SME Foundation we are small and medium enterprises; Create an egalitarian environment especially in the leadership of young entrepreneurs, women and marginalized communities. Our joint efforts will contribute to building a stronger and more inclusive economy.’
Under this MoU, both parties will work on SME entrepreneurs’ business and financial management, digital and physical market integration and access to financing opportunities by leveraging the expertise of their respective institutions. Through this partnership, both sides will place special emphasis on addressing private sector barriers to SME funding development. SME Foundation, Formulation of National Strategy for Small and Medium Enterprises Sector; Work with Oxfam on policies related to the development of women and young entrepreneurs and marginalized communities in particular.
SME Foundation and Oxfam in Bangladesh will also work to create affordable and adequate financing opportunities for entrepreneurs by identifying the challenges faced by small and medium enterprises, engaging financial institutions. Special emphasis will be given to strengthening business cooperation, piloting youth-inclusive financial models, etc.