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28 February 2024


Business Insider Bangladesh

4IR inclusion in CMSME imperative to boost economic conditions

BI Desk || BusinessInsider

Published: 00:29, 10 February 2024  
4IR inclusion in CMSME imperative to boost economic conditions

Photo: Collected

Inclusion of Fourth Industrial Revolution (4IR) in Cottage, Micro, Small and Medium Enterprise (CMSME) can be the best way of accelerating economic conditions in the region.

Integrated efforts of all government and non-government organizations, businessmen and entrepreneurs have become indispensable to attain the cherished goal through facing the existing challenges, reports BSS.

High officials and academics came up with the observation while addressing a seminar titled "Challenges and way -forward of fourth industrial Revolution (4ir) after LDC Graduation on cmsmes of Bangladesh" here on Thursday.

Rajshahi Regional office of Bangladesh Small and Cottage Industries Corporation (BSCIC) organized the seminar at its conference hall largely participated by officials concerned, entrepreneurs, businessmen and other stakeholders.

BSCIC Chairman Sanjay Kumar Bhowmik addressed the seminar as the chief guest with its Regional Director Rezaul Alam Sarkar in the chair.

BSCIC Director Kazi Mahbubur Rashid and Principal of BSCIC Training Institute Engineer Shafiqul Alam spoke as special guests, disseminating their expertise on the issue.

Professor Muhammad Rokonuzzaman, Dean of Mechanical Engineering Faculty of Rajshahi University of Engineering and Technology gave an illustration on the issue, including its diversified aspects and CMSME application, during his keynote presentation.

With the 4IR engagement, implementation of 'Sonar Bangla' dreamt by Father of the nation Bangabandhu Sheikh Mujibur Rahman, and attaining the target of elevating Bangladesh to a developed country by 2041 could be possible.

Rokonuzzaman said there is a need to develop a map for establishing linkages between 4IR technologies' potential and the attainment of SDGs, targets, and indicators.

He also said the success of developing the fine-tuned innovation system to leverage 4IR innovations for meeting SDGs, through profit-making competition of firms in taking ideas to market, will take Bangladesh to the orbit of the innovation economy.

Progress along this line is crucial for Bangladesh to increase total factor productivity and drive economic growth for meeting its goals targeting 2030 and 2041.

Professor Rokonuzzaman told the audience that Bangladesh's economic success over the last a decade has been quite impressive. The commercialization of low skilled labor has been at the core of this success.

In his remarks, BSCIC Chairman Sanjay Kumar Bhowmik said present Bangladesh under the prudent and farsighted leadership of Prime Minister Sheikh Hasina is on the right track towards the 4IR.

He said the country has already been connected with the 4IR as it has started generating competent workforces with successful promotion and expansion of the ICT sector.

Sanjay Bhowmik said Bangladesh is marching towards the 4IR as it has the capability. In the process of adopting 4IR technologies, Bangladesh has recently achieved significant growth in various sectors including the IT services industry as well as the healthcare services.

He mentioned that the 4iR will be the era of ICT, robotics and artificial intelligence and the present Bangladesh isn't far behind that.