Coordination among agencies and structural reforms are crucial for SME development, said the speaker at a focus group discussion on Saturday. Dhaka Chamber of Commerce and Industry (DCCI) organiaed the discussion titled "Reform of SME Policy-2019 for Sustainable Growth and Innovation", according to a press release. DCCI President Ashraf Ahmed emphasised that the economy must move beyond agriculture to industrialisation and expand the export service sector. He highlighted the capacity of the CMSME sector to generate employment, especially for the 0.5 million graduates entering the job market annually. Private sector facing various challenges: DCCI He recommended redefining the SME criteria across government agencies, including Bangladesh Bank, to facilitate loan access. Key areas of focus included financing ease, adoption of electronic nano-financing, automation of licensing processes, access to technology, and addressing non-tariff measures. Additionally, Ahmed proposed a "National Industrial Standard" to ensure product quality for the international market and a comprehensive SME database. Additional Secretary Md. Salim Ullah from the Ministry of Industries stated that the government aims to develop an international standard SME policy, addressing previous shortcomings. Md. Anwar Hossain from the Export Promotion Bureau highlighted the need to strengthen backward linkages in the SME sector and suggested simplifying the tax filing process. He also advocated for setting domestic standards for export products. NASCIB President Mirza Nurul Ghani Shovon stressed the importance of coordination among agencies and securing funding for the new policy’s implementation. Dhaka Bank's Md. Mahbubur Rahman Palash called for including the trading sector in the policy and improving loan disbursement processes, as only around 17-17.5% of total loans are currently reaching SMEs. Md. Mosharref Hossain from the Bangladesh Institute of Bank Management recommended establishing an SME innovation lab and a government-backed seed fund. Bangladesh Finance Limited's Kyser Hamid suggested incentivizing renewable energy within the SME policy. Expatriates sent $986 million remittance in first 12 days of October Bangladesh Bank's Nawshad Mustafa urged for diverse refinancing and credit guarantee schemes to cater to varying SME needs and proposed a common facility center for small entrepreneurs. Mohammad Yakub Hossain from the Microcredit Regulatory Authority stressed the need for automation and extended SME Foundation activities to the Upazila level. Kazi Mahabubur Roshid of BSCIC pointed out the significance of inter-ministerial coordination, while Khondoker Mostak Hosaien of Lanka Bangla Finance emphasized reducing default loan rates to benefit more SMEs and strengthen their growth.