Islamabad, September 13, 2024 – Prime Minister Shehbaz Sharif has called for immediate measures to enhance the profitability of small and medium enterprises (SMEs), emphasizing their pivotal role in driving national economic growth.
Chairing a meeting of the steering committee of the Small and Medium Enterprises Development Authority (SMEDA) on Friday, the prime minister directed authorities to focus on capacity building and export enhancement for SMEs.
During the meeting, the prime minister was briefed on the government’s strategy to uplift SMEs. He referred to SMEs as the “engine of national development” and stressed that strengthening this sector is critical to improving the country’s economic outlook. He instructed the immediate operationalization of the SMEDA Board to ensure prompt implementation of the SME development strategy.
Prime Minister Shehbaz also highlighted the importance of increasing the role of women entrepreneurs in the SME sector. He urged relevant authorities to include women in decision-making processes related to SMEs and provide support for their businesses. “Women’s participation is essential for a vibrant economy,” he noted.
To enhance SME exports, the prime minister called for raising product standards to align with international practices. He also advocated for the involvement of experts of global repute to help elevate the competitiveness of Pakistani SMEs in the global market.
The briefing covered various measures aimed at making SMEs more profitable. Among the key points discussed were improving access to easy loans, promoting SME exports, and integrating climate resilience into SME operations. It was noted that the government would facilitate SMEs in securing loans to help them launch and grow their businesses. Additionally, efforts to tackle climate change would include the introduction of technology for manufacturing textiles using recycled materials, providing an eco-friendly boost to the sector.
Prime Minister Shehbaz underscored the need for a new policy framework for SME development, which would be based on the latest data and trends. This updated policy would provide a more targeted approach to addressing the challenges SMEs face and increasing their contributions to the national economy.
The meeting was attended by key government officials, including federal ministers Ahad Khan Cheema and Rana Tanveer Hussain, the State Bank governor, the chairman of the Federal Board of Revenue, and the president of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), alongside members of the steering committee. The gathering focused on formulating actionable plans to enhance SME profitability and competitiveness on a national and international level.
