Dhaka, Dec 07 (V7N)- Starting a business in Bangladesh is often complicated, with lengthy registration processes and bureaucratic hurdles. To address these challenges, an app will be launched next year, allowing entrepreneurs to register their businesses online.

The announcement was made by Ashiq Chowdhury, Executive Chairman of Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA), during the inauguration of the seven-day ‘National SME Product Fair’ on Sunday morning.

Chowdhury also called for investment in industrial parks, including BSCIC zones, highlighting that such development would help protect agricultural land.

Speakers at the event emphasized challenges facing SMEs, noting that interest rates in the sector remain at 15 percent due to high inflation, while NGO loans can carry up to 25 percent interest, increasing operational costs. Initiatives like SME credit cards have started but are currently complex to manage.

Concerns were raised over decreasing SME loans and sector stagnation ahead of upcoming elections. The banking sector currently holds excess liquidity of Tk 1.5 lakh crore, which could boost economic activity if properly utilized. Exporters also demanded easier access to bonded warehouses to facilitate SME growth.

The fair, running from 10 am to 9 pm, features participation from around 400 SME organizations, showcasing a wide range of products.

END/SMA/AJ