Bangladesh Chamber of Industries (BCI) has tied up with SME Foundation to jointly work towards development and capacity building of the small and medium enterprises across the country. A memorandum of understanding (MoU) was signed between the two organizations at a function at the SME Foundation office at Agargaon on Thursday. BCI president Anwar-ul Alam Chowdhury (Parvez) and SME Foundation managing director Dr Md Mofizur Rahman signed the deal on behalf of their respective sides. SME Foundation Chairperson Dr Md Masudur Rahman was present on the occasion. Also read: BCI demands simplification of taxation system Addressing at the function, Anwar-ul Alam Chowdhury said that BCI has been the sole chamber in the country body representing the entire industrial sector. “It has been working towards removing all sorts of bottlenecks against industrialization. BCI has already launched an initiative to create new entrepreneurship, develop micro, small and medium industries and improve the light engineering and agro-based industries. He said the lack of skilled manpower and efficient managers have become the major obstacles in the development of the industrial sectors.  Also read: BCI seeks German GIZ cooperation to create skilled manpower in industrial sector “Most of the new entrepreneurs have to leave their venture within the first 2-3 years because of the lack of efficiency in marketing and due to inadequate financial credit support,” he said adding that the BCI will now provide training to the entrepreneurs to improve their efficiency and capability.  He said the BCI believes that through the partnership with the SME Foundation, it will be possible to raise the contribution of the industrial sector to 60-70 percent to the economy. The Chairperson of SME Foundation said, "We appreciate the initiative of the BCI. Read SME Foundation to hold fair in 6 divisions to promote local products “The partnership between the BCI and SME Foundation can work together to eliminate existing problems in the SME sector with development and capacity building,” he added. This MoU will further accelerate the work of the BCI and SME Foundation in development and capacity building of the small and medium industrial sector, he hoped. BCI director Nazmul Anwar, secretary general Dr Ordhendu Shekhar Roy and Deputy Management of SME Foundation Salahuddin Mahmud, Md Nazim Hasan Sattar, general Manager Farzana Khan and other officials of both sides were present on the occasion. Read SME Foundation disburses Tk300 crore stimulus loans to 3,106 entrepreneurs