alexa Cluster Based SME Development: Could be an Effective To
ISSN: 2167-0358

Journal of Socialomics
Open Access

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Editorial

Cluster Based SME Development: Could be an Effective Tool for Industrialization

Md. Joynal Abdin*
Program Officer Planning, Monitoring and Evaluation Wing The SME Foundation, Bangladesh
Corresponding Author : Md Joynal Abdin
Program Officer the SME Foundation
4 Panthapath Kawran Bazar
Dhaka-1215, Bangladesh
Tel: 88015536767
E-mail: [email protected]
Received: June 02, 2015 Accepted: June 09, 2015 Published: June 12, 2015
Citation:Abdin J (2015) Cluster Based SME Development: Could be an Effective Tool for Industrialization. J Socialomics 4: e128. doi:10.4172/2167-0358.1000e128
Copyright: ©2015 Abdin J. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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Abstract

There are 48 least developed countries (LDCs) in the world. Employment generation, poverty alleviation etc. are the common challenges facing by all the LDCs around the world. They have limitations in terms of technical, managerial, technological and financial resources to overcome the vicious circle of poverty. Industrialization could be a way forward to alleviate poverty in the LDCs. But to be industrialized all the above mentioned resources needs to be deployed adequately in time. But LDCs have limited access to those resources. The small and medium enterprises (SMEs) are the backbone of industrialization in every economy either it’s in developed countries or in least developed one. SMEs could be defined with different parameters in different countries. For example; in Bangladesh SMEs are defined as; “In manufacturing sector, small industry will be deemed to comprise enterprises with either the value (replacement cost) of fixed assets excluding land and building between Tk. 5 million and Tk.100 million, or with between 25 and 99 workers,” and medium industry will be deemed to comprise enterprises with either the value (replacement cost) of fixed assets excluding land and building between Tk. 100 million and Tk. 300 million, or with between 100 and 250 workers” (National Industrial Policy 2010, Bangladesh). India defined SMEs as, a small enterprise is an enterprise where the investment is more than Rs.25 lakh but does not exceed Rs. 5 crore; and a medium enterprise where investment is more than Rs.5 crore but does not exceed Rs.10 crore (MSMED Act. 2006, India).

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