Businesses want separate policy for CMSME products

Business leaders have demanded devising a separate policy for products manufactured by the cottage, micro, small, and medium enterprises (CMSME) as some of the large industries produce goods similar to that of CMSMEs, forcing them to lose their competitiveness.

"In such a situation, it is important to have policies on what kind of products large industries can produce and what they cannot. Easy access to finance is essential for CMSMEs," Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Vice President Amin Helaly said at the first meeting of the standing committee on CMSMEs and rural industry development organised by the FBCCI at its boardroom on Monday.

"By introducing a CMSME-friendly banking system, we can ensure easy access to finance for entrepreneurs. Government incentives can also be disbursed through this arrangement," he added.

Another FBCCI Vice President Habib Ullah Dawn said that consumer tastes are changing day by day. In line with that, small and medium entrepreneurs should also diversify their products.

He emphasised research and development for the betterment of the CMSME. Entrepreneurs should maintain business documents to get easy loans from banks, he added.

Director-in-charge of the committee Khan Ahmed Shuvo said that one of the big challenges for the CMSME is market access. He suggested the FBCCI work with the government in this regard.

Committee Chairman Mirza Nurul Ghani Shovon said that more government incentives are needed for CMSMEs to overcome the post-Covid shock and face the challenges due to the Ukraine crisis.

He thanked the FBCCI for signing MoU with Bengal Commercial Bank Limited on providing loans to small and medium entrepreneurs on easy terms.

In the meeting, other members of the committee demanded transparency and availability of financing for the CMSMEs.