BPSWC targets MSME competitiveness for sustainable development

The Bangladesh Private Sector Working Committee (BPSWC) has emphasised the critical need to boost the competitiveness of micro, small, and medium enterprises (MSMEs) in a significant move to address the challenges posed by LDC graduation and to align with the Sustainable Development Goals.

The emphasis was made during the committee's second meeting held on Thursday at Gulshan in the capital, reads a press release.

Chaired by Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and chairman of the committee, the meeting highlighted the pivotal role of business activity, investment, and innovation as major drivers of productivity, inclusive economic growth, and job creation.

Recognising the vast diversity within the private sector, spanning from micro enterprises to multinationals, the committee stressed the importance of robust support for "making micro, small, and medium enterprises competitive through intellectual property and innovation."

Mahbubul Alam expressed the committee's intention to expedite grants and low-cost loans from development partners and international donor agencies. The aim is to provide financial support to address trade gaps arising from the impact of the Covid-19 pandemic on the poorest countries. The committee is optimistic about collaboration with the UN office in Bangladesh to garner support in this endeavour.

UN Resident Coordinator in Bangladesh Gwyn Lewis underscored the private sector's integral role in achieving inclusive sustainable development. Co-chairman of the Bangladesh Private Sector Working Committee, Ardashir Kabir, acknowledged the challenges stemming from the pandemic and global conflicts but reiterated the committee's commitment to accelerating progress.

Ardashir Kabir, also president of the Business Environment Forum, emphasised the complexity of challenges due to the involvement of various parties. Despite contending with the aftermath of the pandemic and the Russia-Ukraine conflict, he expressed confidence in overcoming these challenges and advancing Bangladesh to the next level of development.