State Minister for Planning Zonayed Saki on Tuesday highlighted the importance of strengthening small and medium enterprises (SMEs) as a key strategy for Bangladesh’s transition from Least Developed Country (LDC) status to a more sustainable and balanced economy.
Speaking at the publication ceremony of the Economic Census 2024 at the Bangladesh Bureau of Statistics auditorium in Dhaka, Zonayed Saki said a strong SME sector is the backbone of the economy and essential for supporting large industries. “Without a vibrant SME base, large-scale industries cannot sustain long-term growth,” he noted.
He cautioned against overdependence on a narrow range of export products, saying such reliance could limit long-term economic progress. Instead, he emphasised building a strong domestic market through SME expansion, which would also help reduce economic disparities and create a more inclusive industrial environment.
The state minister said the government is working to simplify business procedures and improve the overall business climate so that new enterprises can emerge and contribute more effectively to GDP.
He also stressed the need to shift government spending towards capital investment to stimulate private sector growth.
Expanding the tax base was identified as another priority, with Zonayed Saki noting that SME growth could play a vital role in increasing revenue and reducing dependence on borrowing.
According to the Economic Census 2024, the number of economic units in the country has surged to 1,17,02,792, rising from 78,18,565 – an increase of 49.68 per cent since 2013.
The report also shows that most economic units are concentrated in the service sector and are largely micro and cottage industries, highlighting the central role of SMEs in Bangladesh’s economic structure.
