Economic Reporter :
Finance Minister Abul Maal Abdul Muhith finds high bank rates a major deterrent to investment in the country.The minister urged the banks to stand by small and medium enterprises by lowering the lending rates.
Speaking at an event in Dhaka on Sunday, the minister said, “Banks themselves determine the interest rates. They don’t help the SME sector that much.”
According to the central bank, the average lending rate in October was 11.35 percent. Entrepreneurs have long been demanding that the rates be cut to single digit figures.
Lamenting the dearth in investment, Muhith said, “I’ll urge them (banks) to help the SME sector and fix the lending rates accordingly.”
SME entrepreneurs were honoured at the event, which was organised by International Business Forum Bangladesh
Speaking on the occasion, Muhith said, Bangladesh has achieved a steady economic growth in last 15 years and its industrial growth is satisfactory.
“We achieved economic growth by 6.3 percent on average in the last 15 years. So we are very proud of that…but we should not finish here. We must go ahead and the small and medium industries can play a vital role to do so,” he added.
Meanwhile, fourteen small entrepreneurs have been conferred ‘Successful Small Entrepreneur Award-2014’ for their outstanding contributions to flourishing the country’s small and medium industries.
The International Business Forum of Bangladesh (IBFB), a platform of the country’s top business leaders, awarded the small entrepreneurs at a function held at Sonargaon Hotel in the city.
The awardees are Architect Mir Al Amin, Managing Director of Noorjahan Agro-Processing Private Limited from Bagerhat (processing of agriculture products); GM Nurul Islam Rony, proprietor of Rony Agro Engineering from Satkhita (agri-inputs and agri-technology); Abdul Hakim Mandal, proprietor of Messr Abdul Hakim Mandal from Joypurhat, (agri-inputs and agri-technology); Faisar Rahman, chairman of South Bengal Fertiliser Mills Limited, Jessore, (agri-inputs and agri-technology); Rezaul Hasan, proprietor of Messr Rezaul Hasan from Naogaon (agri-inputs and agri-technology); Tanjur Rahman, proprietor of Rong Handicaps from Jessore (handicrafts); Lipi Saha, proprietor of Sananda Boutique House, Naogaon, (handicrafts); and Parvin Akhter, proprietor of Provati Boutique and Fashion House, Naogaon, (handicrafts).
Besides, Fasiar Rahman, proprietor of Messr Sabuj Matshya Khamar, Khulna, (fisheries and livestock); Mostafa Khan Feroz, proprietor of Jannatnetri Ma Fatema Fish Hatchery, Jessore, (fisheries and livestock); Belal Ahmed Imran, proprietor of Dream Agro from Sylhet (fisheries and livestock); Ashraul Alam, proprietor of Messr Repon Metal Industries, Jessore, (light engineering); Shahedul Islam, proprietor of Marine Chemical Company, Rangpur, (fisheries and livestock); and Akbar Hossain Kismat, proprietor of Bagan Bari Nursery from Sylhet (nursery development) were given the award.
Finance Minister Abul Maal Abdul Muhith finds high bank rates a major deterrent to investment in the country.The minister urged the banks to stand by small and medium enterprises by lowering the lending rates.
Speaking at an event in Dhaka on Sunday, the minister said, “Banks themselves determine the interest rates. They don’t help the SME sector that much.”
According to the central bank, the average lending rate in October was 11.35 percent. Entrepreneurs have long been demanding that the rates be cut to single digit figures.
Lamenting the dearth in investment, Muhith said, “I’ll urge them (banks) to help the SME sector and fix the lending rates accordingly.”
SME entrepreneurs were honoured at the event, which was organised by International Business Forum Bangladesh
Speaking on the occasion, Muhith said, Bangladesh has achieved a steady economic growth in last 15 years and its industrial growth is satisfactory.
“We achieved economic growth by 6.3 percent on average in the last 15 years. So we are very proud of that…but we should not finish here. We must go ahead and the small and medium industries can play a vital role to do so,” he added.
Meanwhile, fourteen small entrepreneurs have been conferred ‘Successful Small Entrepreneur Award-2014’ for their outstanding contributions to flourishing the country’s small and medium industries.
The International Business Forum of Bangladesh (IBFB), a platform of the country’s top business leaders, awarded the small entrepreneurs at a function held at Sonargaon Hotel in the city.
The awardees are Architect Mir Al Amin, Managing Director of Noorjahan Agro-Processing Private Limited from Bagerhat (processing of agriculture products); GM Nurul Islam Rony, proprietor of Rony Agro Engineering from Satkhita (agri-inputs and agri-technology); Abdul Hakim Mandal, proprietor of Messr Abdul Hakim Mandal from Joypurhat, (agri-inputs and agri-technology); Faisar Rahman, chairman of South Bengal Fertiliser Mills Limited, Jessore, (agri-inputs and agri-technology); Rezaul Hasan, proprietor of Messr Rezaul Hasan from Naogaon (agri-inputs and agri-technology); Tanjur Rahman, proprietor of Rong Handicaps from Jessore (handicrafts); Lipi Saha, proprietor of Sananda Boutique House, Naogaon, (handicrafts); and Parvin Akhter, proprietor of Provati Boutique and Fashion House, Naogaon, (handicrafts).
Besides, Fasiar Rahman, proprietor of Messr Sabuj Matshya Khamar, Khulna, (fisheries and livestock); Mostafa Khan Feroz, proprietor of Jannatnetri Ma Fatema Fish Hatchery, Jessore, (fisheries and livestock); Belal Ahmed Imran, proprietor of Dream Agro from Sylhet (fisheries and livestock); Ashraul Alam, proprietor of Messr Repon Metal Industries, Jessore, (light engineering); Shahedul Islam, proprietor of Marine Chemical Company, Rangpur, (fisheries and livestock); and Akbar Hossain Kismat, proprietor of Bagan Bari Nursery from Sylhet (nursery development) were given the award.
