Industries Minister Khandakar Abdul Muktaadir on Thursday said Bangladesh must enhance its economic competitiveness as the country approaches its LDC graduation, stressing that the current global realities leave no room for inaction.

Speaking at a signing ceremony held at a city hotel under the SME Foundation’s Credit Wholesaling programme, the minister noted the urgent need to make the industrial sector more competitive, resilient, and innovation-driven. He emphasized timely and accessible financing for SMEs to achieve this goal.

The minister also highlighted rising fuel costs, global uncertainties, and external challenges as obstacles to maintaining industrial competitiveness. He said LDC graduation has already limited concessional financing from international development partners, making internal capacity building and skills development crucial.

Noting that 20–22 lakh new workers enter the job market annually, he stressed sustained GDP growth is essential to generate employment and maintain Bangladesh’s current economic position.

Under the programme, SME Foundation will provide over BDT 400 crore in loans to micro, small, and medium entrepreneurs, with interest rates as low as 8 percent. Loans will range from BDT 1 lakh to 25 lakh per entrepreneur.

Additional financing of BDT 125 crore at 9 percent interest, supported by JICA and BIFFL, will target agro-based and food processing CMSME sectors, with a maximum of BDT 1 crore per entrepreneur.

Fifteen banks and financial institutions, including BRAC Bank, City Bank, Bank Asia, and United Commercial Bank, signed the agreements alongside the SME Foundation management. Bangladesh Bank Deputy Governor Nurun Nahar and Women Entrepreneurs Association president Nasreen Fatema Awal were also present.