The SME Foundation and United Finance PLC have launched a coastal cluster development initiative in Cox’s Bazar to revive underdeveloped coastal industries, focusing on sectors like dry fish, salt, snail (samuk), and shellfish (jhinuk). These industries hold significant potential for employment generation, rural livelihoods, and export growth.
A recent dialogue, bringing together over 20 entrepreneurs, producers, policymakers, and industry experts, was held to discuss the challenges and opportunities within these sectors. The conversation highlighted key issues, such as limited access to finance, inadequate infrastructure including cold storage and drying units, the need for skill development in hygiene and packaging, and insufficient market linkages.
Anwar Hossain Chowdhury, Managing Director of SME Foundation, emphasized the importance of fostering inclusive growth in coastal communities. “Our goal is to uplift marginalized coastal communities by addressing their challenges with a multi-stakeholder approach,” he said.
The initiative will begin by mapping out the coastal cluster, piloting tailored financial and technical assistance models, and forming Cluster Facilitation Teams to drive growth in these sectors.
United Finance PLC, which has a long-standing commitment to empowering rural entrepreneurs, is actively supporting this initiative. Senior officials from the company, including Mohammed Ashfaqul Haque Chowdhury, Cluster Head 1, Sudip Saha, Head of SME and Women Entrepreneur Financing, and Rokan Uddin Muhammad Al-Mamun, Branch Manager of Cox’s Bazar, reiterated their commitment to supporting sustainable development and rural entrepreneurship in the coastal region.
The initiative will focus on bridging financial gaps in these industries, offering financing solutions to foster sustainable growth in the coastal economy. The development of this cluster aims to positively impact the local economy and improve the livelihoods of people involved in these sectors, with a strong emphasis on sustainability and export potential.
This partnership reflects the shared mission of both organizations to promote inclusive and sustainable economic growth across Bangladesh’s rural and coastal regions.