Significant SME Advancement in Socio-Economic Reform of Bangladesh

In recent times, the role of SMEs in developing countries increases substantially due to government friendly policy, foreign direct investment, outsources by multinational companies, etc. Moreover, technological and cultural globalization stimulates this process a step ahead. This study, therefore, has described the response of ‘SMEs’ towards socioeconomic development and provide a contemporary scenario in agriculture and garment sector SMEs of Bangladesh. Accordingly, this, a relevant literature review has been developed for necessary support and assurance of credibility of primary data. The study has found that diversified and dynamic SME sector of Bangladesh plays an important role in the economy and society. However, agriculture sector takes part in the major employment and food supply for large population. Also, this sector operates mostly in rural areas and improves the life of poor people. On the other side newly emerging garment sector is flourishing in urban areas and plays the key role in exporting. Also, this sector generates women employment opportunity that injects money, direct to families for food and healthcare. Therefore, both sectors significant roles in socioeconomic development put forward to better lives with social reform.  However, tension arises between two sectors by extensive labour migration from rural to urban area (from agriculture sector to Garment sector) and consequently drop raw materials supply for garment industry. But study generates a recommendation to mitigate this major contradiction between two major SMEs of Bangladesh. Finally, the paper has concluded by pointing out some limitations and providing direction for future research that may derive from this research.