The prime minister directs SMEDA to expand business loan awareness, provide feasibility studies in local languages and train 10,000 SMEs under an agreement with Alibaba.
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Monday directed the government to increase total financing for small and medium-sized enterprises (SMEs) from Rs1.1 trillion to Rs2.2 trillion by 2028, aiming to accelerate economic growth and expand business opportunities across Pakistan.
Chairing a meeting on the Small and Medium Enterprises Development Authority (SMEDA), the prime minister said the business community was the backbone of any country’s economy and Pakistan’s SME sector had enormous potential to support economic development and create employment opportunities, according to a Prime Minister’s Office news release.
He said ongoing reforms at SMEDA were intended to empower entrepreneurs and facilitate the establishment and expansion of businesses.
PM calls for SME development in underdeveloped areas
The prime minister stressed the need to create business opportunities in less-developed areas to reduce migration to major cities and promote balanced national development.
He said enabling people in underdeveloped regions to establish businesses across different sectors would strengthen local economic activity, encourage prosperity and support sustainable development.
Shehbaz Sharif directed SMEDA to prepare a comprehensive plan to educate more people about the procedures for obtaining business loans. He also called for effective public awareness campaigns to promote entrepreneurship.
The prime minister instructed the authority to commission feasibility studies for establishing SMEs in various sectors with the assistance of relevant industry experts. These studies should be made available in local languages to help aspiring entrepreneurs across the country assess business opportunities and establish enterprises.
SMEDA to facilitate access to bank financing
During the meeting, officials briefed the prime minister on reforms aimed at strengthening SMEDA’s role in promoting small and medium-sized businesses.
The meeting was informed that SMEDA was being transformed into a central platform to provide training to aspiring entrepreneurs and facilitate their access to bank financing for setting up businesses.
The authority is also establishing offices across the country to expand its outreach and improve access to support services.
Officials further informed the meeting that SMEDA was developing an artificial intelligence-based helpline to provide citizens with business information and guidance in local languages.
Alibaba agreement to train 10,000 SMEs
The meeting was also informed that SMEDA had signed a memorandum of understanding with global e-commerce company Alibaba to provide training to 10,000 SMEs over two years.
The initiative is intended to strengthen business capabilities and help participating enterprises benefit from e-commerce opportunities.
Officials added that reforms were underway to improve the effectiveness and user-friendliness of SMEDA’s digital portal, making it easier for entrepreneurs to access relevant information and services.
The meeting was attended by Federal Ministers Rana Tanveer Hussain, Jam Kamal Khan, Dr Musadik Masood Malik, Ahad Khan Cheema, Attaullah Tarar and Chaudhry Salik Hussain; Minister of State for Finance Bilal Azhar Kayani; Prime Minister’s Adviser Haroon Akhtar; Chairman of the Prime Minister’s Youth Programme Rana Mashhood Ahmad Khan; and senior officials from the relevant departments.