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2010-03-31

Bangladesh utilises Indian expertise to revamp its SME sector

Industrial and Infrastructure Development Finance Company (IIDFC) of Bangladesh and India's National Small Industries Corporation (NSIC) on Tuesday joined hands to utilise Indian experience and expert

Industrial and Infrastructure Development Finance Company (IIDFC) of Bangladesh and India's National Small Industries Corporation (NSIC) on Tuesday joined hands to utilise Indian experience and expertise in developing the country's ailing small and medium enterprises.

Under the agreement, NSIC will extend all cooperation, assistance and expertise to facilitate development of SME's, especially in the engineering, electronics and other non-traditional sectors. The deal is expected to pave the way for setting up of an IT village.

IIDFC chairman Motiul Islam said “Development of SME must be diversified and new areas should be identified,” adding that a tie up with NSIC would be useful for implanting Indian experience to Bangladesh.

 

Lack of information is a key barrier to the development of SMEs. “Non-banking financial institutions can act as a bridge between banks and micro and small entrepreneurs for the development of the sector as banks need good customers and customers need financing,” said Mr. H P Kumar, Chairman NSIC.

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