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The government is set to approve the draft SME Policy - 2019 today (Monday), offering special policy and institutional support to boost the potential sector.
The Ministry of Industries (MoI) has already drafted the policy by incorporating 11-point strategies, including access to finance and business support services for the SME sector.
Other strategies include access to technology, innovation, education, training and information.
"We have prepared a draft SME Policy-2019 which is expected to be approved by the cabinet on Monday. The policy will help boost the sector," a high official of the MoI told the FE.
The draft policy has also stressed the need for human resources development, development of women entrepreneurs, development of cluster-based SME and capacity building for setting up environment-friendly enterprises and waste management.
The newly drafted policy has also the scope to form a 32-memebr National SME Development Council, lead by the industries minister, and a 23-member National SME Taskforce Committee, lead by the secretary of the ministry, for proper implementation of the new policy.
The SME sector is playing a significant role in creating employment and boosting the country's GDP, said an official, adding that the sector has immense potential to turn the country into a developed one through massive and gradual industrialisation.
"I welcome the draft SME Policy-2019. It will be like a way forward for the SME entrepreneurs to flourish the sector," former president of Dhaka Chamber of Commerce and Industry (DCCI) Abul Kasem Khan told the FE.
He said that many countries have become developed through flourishing the SME sector.
The MoI has drafted the SME Policy-2019 in line with the country's National Industrial Policy - 2016.
The policy is expected to help develop the country to become a middle-income one by 2021, developed one by 2041 through creating SME bases at all villages and ensuring employment for all youths in the country, said a senior official.
There are about 7.8 million micro, small and medium enterprises in the country. The contribution of the sector to the GDP would be around 25 per cent.