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SMEs are lifeline to country's economy: Tipu Munshi

TBP Desk
13 Jan 2021 18:59:24 | Update: 13 Jan 2021 19:03:38

Commerce Minister Tipu Munshi on Wednesday said SMEs are the lifeline to the economy as its contribution to the country's GDP is about 26 percent.

He made the remark when newly-elected President of Dhaka Chamber of Commerce and Industry (DCCI) Rizwan Rahman met him at his Secretariat office. The two other leaders are DCCI Senior Vice President N K A Mobin, FCS, FCA and Vice President Monowar Hossain were also present in the meeting.

During the meeting, the Commerce Minister urged all to work together for development of the SMEs sector further, said a DCCI release.

Noting that the global economic dimension has changed a lot, he said Bangladesh needs to diversify its products for expanding the export basket as well as more institutional research in this regard in order to sustain in the international market.

Tipu Munshi said the government will support all potential sectors to be more competitive in the export market.

He assured the new president of extending all support from his ministry for the greater interest of the country's economy.

The minister asked the DCCI President to put forward necessary recommendations from the business community to the ministry for government’s consideration.

Rizwan Rahman asked the minister for allowing the same fiscal and non-fiscal facilities to all export oriented sectors like the RMG sector keeping in mind the LDC graduation of Bangladesh. In the post- Brexit era, the government can take initiative to sign FTA with the UK, he added. '

Mentioning that the Companies Act sets the capital limit of Tk 25 lakh and sales transaction valued Tk 1 crore to register a One Person Company (OPC) business, the DCCI president requested the Minister to reconsider the clause and reduce the threshold.

He put emphasis on formulation of a comprehensive trade policy to boost export diversification.

Rizwan Rahman said the businesses require extension of both moratorium and repayment period of loans provided under the stimulus package by minimum 1 year as most of businesses are still struggling with the Covid-19 fallout.