Micro Industries Development Assistance and Services (MIDAS) aims to be the frontline business development service provider in Bangladesh, says its Managing Director Dr ASM Mashi-ur-Rahman.
Its mission is to help in employment generation to reduce poverty and promote socio-economic development, he told the FE in an interview as the company celebrates its 36th anniversary today (Saturday).
"MIDAS is committed to development of a sound and rapidly growing micro, small and medium enterprise sector through Consultancy and Technology Transfer services in Bangladesh," he said.
Accordingly, it underpins several issues including entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) across the world.
MIDAS, established with USAID grant, has been playing a vital role in development of entrepreneurship especially focusing on women since 1982. MIDAS also emphasises technical assistance to entrepreneurs and enterprises and the PUM Netherlands is playing a key role in helping them improve, diversify and scale up their operations under the TTPSD programme of MIDAS.
"MSMEs in Bangladesh have emerged a highly-vibrant and dynamic sector of the country's economy and we take pride in announcing that MIDAS is one of the key players in this sector," Dr Mashiur said.
About the contribution of organisations like MIDAS, he said, "Despite achieving economic growth consistently, income inequality at the individual level is causing skewness in consumption in the country.
The issues need to be addressed as Bangladesh continues to expand its presence in global trade it faces serious challenges and risks along with opportunities, he added.
In such a scenario, it is imperative that organisations such as MIDAS take initiatives to remove the bottlenecks so as to empower the country to achieve sustainable development, leaving no one behind.
MIDAS, creating economic opportunities for many individuals and organisations by providing financial and technical assistance, is celebrating 35 years of its glorious presence in Bangladesh.
About the history of the organisation he said, USAID was instrumental in the birth of MIDAS in 1982 and it supported MIDAS for about eleven years. MIDAS has emerged one of the leading promotional organisations in the MSME sector of Bangladesh.
"It is now a solid self-sustainable organisation".
MIDAS came into being in 1982 for the development of MSMEs in Bangladesh with the financial assistance of USAID (1982-1993), and it is now playing a vital role in the field of business promotion by providing various consulting services and technological support in Bangladesh.
"We know MSMEs are the largest generator of employment in the country's economy and MIDAS is one of the leading players in this sector. MIDAS devotes its full attention to bring about growth and development of the existing MSMEs with the objective of 'Creating Economic Opportunities in Bangladesh'".
He confidently said, MIDAS is ready to accept all challenges to make a difference.
He said the core tasks of MIDAS are: identifying promising micro, small and medium-scale enterprises for providing financial, managerial and technical assistance; developing entrepreneurship and helping entrepreneurs to explore and exploit new business opportunities; facilitating capacity building of micro, small and medium enterprises and promoting organisations; serving as a catalytic force for the growth of micro, small and medium-scale business enterprises in the country; and continuously developing its institutional capability to operate on self-sustainable basis.
Financing small enterprises is one of the most important functions of MIDAS.
Dr Mashiur said, in keeping with the advice of Bangladesh Bank, MIDAS formed a subsidiary company named MIDAS Financing Limited (MFL) in March 1995 that received a licence in October 1999.
MFL started operation in full swing with effect from January 2000 and MIDAS ceased to perform its financing function from the same date.
"However, MIDAS is continuing to render non-financial business development services. MIDAS is now a leading organisation in the private sector, providing high-quality services to MSMEs and playing a vibrant role in the field of consulting and development in Bangladesh" he added.
