The government is seeking to raise the creative economy’s contribution to Bangladesh’s gross domestic product (GDP) to 2 to 3 per cent, with Finance and Planning Minister Amir Khosru Mahmud Chowdhury saying the sector could become a larger source of jobs, foreign exchange earnings and new economic opportunities.
Speaking at a programme organised by Karmasangsthan Bank in the capital, Khosru said Bangladesh has substantial creative activity that remains largely outside the formal economy.
He pointed to the country’s culinary heritage, music, culture, theatre, film and online-based creative outputs as areas with potential in international markets.
“Extensive creative work” takes place in rural areas but has remained largely unmonetised, he said. With targeted support, such activity can be turned into marketable products and generate broader economic returns.
Khosru said the creative economy contributes as much as 10 per cent of GDP in several countries, highlighting the scope for Bangladesh to build a larger economic sector around creative activity.
Karmasangsthan Bank launched the Small Business and Micro-Entrepreneur Financing Fund (SBMEF) at the programme as part of the government’s effort to support small businesses and micro-entrepreneurs.
The government has allocated Tk50 crore for the fund’s pilot phase and is expected to provide additional funding depending on the pilot’s performance.
Finance Secretary Md Khairuzzaman Mozumder said loans under the scheme would carry interest of 5 to 6 per cent, compared with typical microcredit rates of 24 to 25 per cent.
Khosru also highlighted the potential of IT professionals and freelancers, saying they need to add value to their work to make it more competitive in both domestic and international markets.
He cited Thailand’s “One Village, One Product” initiative, saying government support for raw material sourcing, skills, design and branding helped integrate home-based rural production into global supply chains.
Bangladesh could develop a similar support framework, he said.
The financing scheme is also aimed at tackling youth unemployment.
Financial Institutions Division Secretary Nazma Mobarek said the initiative directly supports national employment objectives, particularly the high unemployment rate among people aged 15 to 30.
Loans through Karmasangsthan Bank will initially be disbursed in three districts before the programme is expanded nationwide, she said.
Karmasangsthan Bank Managing Director Arun Kumar Chowdhury said the bank aims to create employment for 900,000 unemployed people over the next five years, aligning with the government’s target of generating 10 million jobs during the same period.
The bank plans to disburse 50 per cent of loans from the fund to women entrepreneurs.
The pilot will therefore test whether subsidised credit can turn small-scale creative and rural activity into sustainable businesses, while giving Karmasangsthan Bank a platform to expand lending nationwide.
