SME business and it’s contribution to development of Bangladesh

Abstract

The role and action plan of the SME industry in the field of literacy rate, poverty reduction and industrialization in Bangladesh is significant. Over time, the development of the SMS industry has gradually developed. Due to various types of action plans, with the significant development of the industry in the past few decades, the economy of Bangladesh has seen visible development. From agriculture-based to industrial-based, input-driven to production-driven, knowledge-based to technology-based development has enriched the economy of Bangladesh, which is why the role of small and medium enterprises is unparalleled. Small and medium enterprises have been playing a very important role in the development of the economy of Bangladesh, so it can be called the driving force or backbone of the economy of Bangladesh. This study has tried to give an idea of how much the expansion of the SMS sector has benefited and how much the economy of Bangladesh has grown and what is the role of the SME Foundation in the development of the SME sector. SMS Foundation is involved in innovation of new products, introduction of new technologies by businessmen, marketing of products and services, training for skill development, advocacy, Various efforts are being made to formulate various policies and increase coordination with national and international organizations. The existing cooperation of SME Foundation in the SME sector has been playing an essential role in economic growth by creating unconventional opportunities, creating employment, creating skilled manpower through various types of training, increasing labor productivity and improving the quality of products and services. SMEs contribute 25% to the total GDP of Bangladesh and 80% to the industry and have contributed greatly to the economic growth rate of 6 to 8 percent in the last decade.