Online Desk  :   Industry Adviser Adilur Rahman Khan has said that the development of the Small and Medium Industries (SME) is essential to ensure the country’s economic growth. He underscored the need while addressing a consultation meeting on the draft SME Policy 2025 on Wednesday. The meeting was organised by the SME Foundation and ILO Bangladesh, in collaboration with the United Nations and international financial institutions. He further said that the SME sector is not just a business, rather, it is the backbone of the country’s economy. The SME entrepreneurs reinvest about 30% of their profits, which significantly contributes to the economic growth, he added. The meeting was chaired by SME Foundation Chairperson Md Mushfiqur Rahman and also attended by Additional Secretary of the Ministry of Industries Nuruzzaman and Rashidul Hassan, SME Foundation Managing Director Anwar Hossain Chowdhury, Deputy Managing Director Nazeem Hassan Satter, and ILO Bangladesh Country Director Tuomo Poutiainen.

While addressing the function, Musfiqur Rahman said that the foundation provides direct services to nearly 150,000 CMSMEs and distributes loans with easy terms and low interest to over 11,000 entrepreneurs in 64 districts. He expressed hope that once the SME Policy 2025 is implemented, it will benefit hundreds of thousands of promising entrepreneurs and contribute to the national economic growth. Hossain Chowdhury mentioned that the recommendations of consultation meetings held in Dhaka and other divisional headquarters regarding the draft SME Policy 2025 will be submitted to the Ministry of Industries immediately. Taking part in the discussion, Tuomo Poutiainen said that projects worth $3 million are currently being implemented through ILO Bangladesh to support the development of the SME sector. He emphasised the need to harness the full potential and capacity of the SME sector with the help of the UN and the international financial institutions.