The development of microenterprises can play a vital role in driving inclusive growth in Bangladesh’s economy. While microfinance is one of the components of enterprise development, they are not synonymous. For the development of microenterprises, the ways of thinking and the awareness among targeted people should be developed, the inequality of opportunities should be eliminated, and the effective participation of the marginalized people of the society should be ensured.

The views were shared by economist Dr Selim Jahan, also a former Director of the United Nations Development Programme (UNDP), at an event titled ‘Small Ventures, Big Future: Microenterprise as Engine of Inclusive Growth in Bangladesh’ held at PKSF Bhaban in the capital.

“People should be given the mean to dream, to go beyond their dreams, and they should be supported with the necessary resources to realize their dreams …. Only then will development activities gain momentum, and the economy will be stronger,” Dr Jahan said.

Dr Jahan said the tendency to consider infrastructural advancement as synonymous with development is not correct. “While advancement would be, for example, an increase in the school enrolment of children, improving the quality of education and ensuring access to quality education for the children of disadvantaged communities would be development”.

He stressed on the need for ensuring conducive environment for enterprise development by effectively combating violence and crimes, formulating necessary policies, and allocating resources. “We all have to remain vocal to keep the government positively active to this end,” he added.

PKSF Chairman Zakir Ahmed Khan, who chaired the event, said PKSF is currently implementing various projects and programs for skill development. The success of one of PKSF’s projects was recently showcased at an international conference organized by the World Bank in Saudi Arabia. In another instance, a PKSF-implemented project was acknowledged globally as best-in-class among around 700 projects supported by IFAD globally. “This has increased the country’s prestige in the world.”

In the welcome speech, PKSF Managing Director Md Fazlul Kader said the PKSF is financing around 4 million microenterprises in the country. Under various projects, a wide range of services are being provided for value chain development, and production and marketing of value-added certified products through additional financing, technical assistance and technology transfer. “PKSF is preparing to expand its enterprise development initiatives to increase the productivity of microenterprises to enable them to play a significant role in driving inclusive growth in the country.

InM Executive Director Dr Mustafa K Mujeri, BIDS Research Director Dr Kazi Iqbal, and MRA Executive Director Mohammad Yakub Hossain also spoke on the occasion. PKSF Officials of all levels were present at the program.