‘Build Back Better’ Exhibition by HSBC and BRAC

Showcasing Creativity of Cottage, Small and Medium Entrepreneurs

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in collaboration with BRAC has organised 'Build Back Better' Exhibition showcasing a variety of locally made products from twenty talented small and cottage industry entrepreneurs on 4 June, 2024.

The exhibition featured a variety of locally made products at the 'Build Back Better' (B3) exhibition. Visitors were treated to a special display of locally made products that included boutiques, hand-stitched clothing, handmade crafts, clay and jute products, food items, organic skincare products, and unique items made from bamboo and cane. This stands as a testament to the resilience and rebound of the small and cottage industry despite suffering catastrophic consequences from the COVID-19 pandemic.

The pandemic caused significant damage to the small and cottage industry, especially with women entrepreneurs being disproportionately affected due to a lack of information, IT expertise, and financial management abilities. To support these cottage small and medium enterprises (CSMEs), BRAC and HSBC launched the 'Build Back Better' initiative in 2021 to improve the entrepreneurs' ability to access loans and sustainably grow their businesses.

The exhibition was held on Tuesday, 4 June 2024 at BRAC Centre in the capital, featuring a diverse array of products from small and cottage industry entrepreneurs across Bangladesh. Coordinated by HSBC and BRAC, the event's goal was to highlight the exceptional creativity and workmanship found in locally produced goods.

At the event, Tasmiah Tabassum Rahman, Associate Director of the BRAC Skills Development Programme (SDP), said, "The main goal of this exhibition is to showcase the resilience and creativity of our project participants. We are delighted to announce that the majority of the entrepreneurs who have been part of the 'Build Back Better' initiative have significantly increased their knowledge and confidence in money management and business operations."

Syeda Afzalun Nessa, Head of Corporate Sustainability, HSBC, commented, "We have supported over 500 entrepreneurs in developing their businesses through this initiative. Through this exhibition, we want to show a glimpse of the commendable determination and adaptability of our programme participants."

According to a 2020 report of International Finance Corporation (IFC), 83 per cent CSMEs reported financial distress. Most of these firms do not maintain any financial records, making it difficult for them to access finance. The initiative, titled 'Build Back Better: Building Back Better Businesses through Financial Literacy', seeks to mitigate these challenges by enhancing the financial literacy and management capabilities of women entrepreneurs, ensuring they can rebuild and thrive in the post-pandemic economy.

The project has already provided financial literacy training for 530 entrepreneurs from small, medium, and cottage industries. These sectors are pivotal to Bangladesh's economy, with projections indicating that by 2030, they will contribute 30 per cent to the GDP and provide 80 per cent of employment.