ICCB President Mahbubur Rahman said high bank interest rates and lack of funds are some of the major constraints for growth of the Small and Medium Enterprises (SMEs) in Bangladesh.

Emphasising on strong marketing drive and diversifying products for boosting exports in order to promote the sector he said, “This is the vital time to strengthen SMEs for overall economic development of the country.”

He made the remark while inaugurating a workshop on ‘Financing SMEs: Demystifying Myths and Realities’ at a hotel in Dhaka Thursday.

The International Chamber of Commerce, Bangladesh (ICCB) organised the seminar.

Praising the Bangladesh Bank for introducing several schemes and programme to flourish and expand SMEs, Rahman said the refinancing scheme funded by the BB, the IDA and the ADB has been facilitating growth of SMEs.

SMEs sector has been recognised as a major thrust sector for industrial growth, said the ICCB president adding, “Yet, given their potential, much more can and should be done in the areas such as credit facilities, infrastructure, market access, quality and standards as well as training.”

He also said not only in Asia but also across the globe, SMEs are considered to be the engine for economic growth and job creation.

SMEs are important sources of export earnings in almost every developing economy and in Bangladesh, these enterprises are the largest employers, Mahbubur Rahman said.

Prof. Mamun Rashid, Chairman of ICCB standing committee on banking and Dean of BRAC University expressed that the workshop would aware the participants about role of SMEs for development of the economic growth.

Ataur Rahman, Secretary General of ICCB also spoke at the workshop.

Dr. Sailendra Narain, Chairman of the Centre for SME Growth and Development Finance (CESMED) in USA and India conducted the workshop. A total of 41 participants attended the workshop.