Business registration in Bangladesh is still quite complicated process mired with corruption and harassment because one has to go to different offices directly to get the job done, said executive chairman of Bangladesh Investment Development Authority (BIDA) Ashik Chowdhury.

To remove these complications, a unified digital platform is being developed with the help donor agencies. As a result, businessmen will get all registration-related services through one app.

Ashik Chowdhury said it while speaking as a special guest at the inauguration of 12th National SME Product Fair at Bangladesh-China Friendship Conference Center in Sher-e-Bangla Nagar in the capital Sunday. Industry Adviser Adilur Rahman Khan was the chief guest on the occasion.

In addition, City Bank Managing Director Masrur Arefin was present as guest of honor. SME Foundation Managing Director Anwar Hossain Chowdhury delivered the welcome speech.

Ashik Chowdhury said if small business face corruption to avail the government services, their business structure will be handicapped. Therefore, the government is trying to bring in as many services under the digital system.

Entrepreneurs should not have to go in person to get the services from one stop window. They must use online; this will increase transparency and narrow the avenues for corruption.

Ashik Chowdhury also said, ‘By 2030, Bangladesh will become the eighth largest consumer market in the world. In the next five years, the local market will be larger than the UK. Therefore, the possibilities of doing business in the country are much greater in the coming days.’

At the opening of the fair, awards were given to five entrepreneurs and one organization in six categories such as in Best Micro Entrepreneur of the Year (Female), Best Micro Entrepreneur of the Year (Male), Best Small Entrepreneur of the Year (Female), Best Small Entrepreneur of the Year (Male), Best Medium Entrepreneur of the Year (Male) and Best Startup of the Year.

Ahlaj Fashions’ Zuena Ferdous won Micro Entrepreneur in Female category, Ribana’s Md. Wahiduzzaman won Micro Entrepreneur in Male category, Sutar Kabyo’s Mosammat Sirajum Munira won Small Entrepreneur award Female category, Aman Ullah of Aman Plastic Toys Industries won Small Entrepreneur in Male category, Aparajeyor Kazi Md. Monir Hossain won Medium Entrepreneur award inMale category and Dubotech Digital’s Md. Mahfuzul Haque won the Startup award.

Speaking as chief guest on the occasion, Industry Adviser said SMEs are the driving forces of the economy worldwide. Industrialization, employment, poverty alleviation and balanced development can be ensured through the development of this sector.

The SME sector is a labor-intensive and low-capital sector where more employment can be created with less investment, he said.
City Bank Managing Director and Chief Executive Officer (CEO) Masrur Arefin said, “The big problem in the SME sector is still the interest rate on loans which is 15 percent and for medium entrepreneurs it is 13 to 14 percent. This is too high and need to be reduced if inflation does not decrease.

SME Foundation Chairperson Md. Musfiqur Rahman in his presidential address said financing is still a big challenge for small entrepreneurs. That is why stalls have been allotted to 30 banks and financial institutions at the fair.

There is no central database of SMEs in the country. For policymaking, sector-specific support, export potential assessment; it is essential for everything. The government’s cooperation is needed in this regard.

Bangladesh Plastic Products Manufacturers and Exporters Association (BPGMEA) President Samim Ahmed, Women Entrepreneurs Association of Bangladesh President Nasrin Fatema Awal, and Additional Secretary of the Ministry of Industries Md. Nuruzzaman also spoke at the inaugural ceremony.