The Union of Small and Medium Enterprises (UNISAME), a representative body of SMEs in Pakistan, has expressed its dissatisfaction with the government’s lack of effort in promoting the SME sector during these challenging times.
According to UNISAME President Zulfikar Thaver, due to a scarcity of dollars, banks are not assisting SME units in importing necessary raw and packaging materials, which has hindered their ability to operate effectively.
Thaver emphasized that the Ministry of Finance failed to anticipate the crisis and did not make arrangements for import finance from exporting countries or obtain funds from different EXIM banks to finance import trade. This lack of preparation and expertise in attracting wealthy businessmen to invest has exacerbated the issue. The government also failed to collaborate with China to arrange deferred payments for imports, and a lack of direction and trade diplomacy caused a delay in importing oil.
Unfortunately, political instability has contributed to the problem, and decisions were made arbitrarily without consulting stakeholders, resulting in a fiasco. UNISAME has urged the government to work with trade leaders, including UNISAME Council, to assess each segment’s situation and take action. Despite the shortcomings, the SME sector is the majority sector that can revitalize the economy if the government consults with experts and takes prompt action.
The SME sector is a vital component of the Pakistani economy, providing employment opportunities and contributing significantly to the country’s GDP. Therefore, UNISAME believes that the government needs to prioritize the promotion and development of this sector to ensure its survival and growth. The organization has called for immediate action from the government to address the current challenges faced by SMEs and work with UNISAME and other trade leaders to find solutions.
In conclusion, the lack of effort from the government in promoting the SME sector during these challenging times has caused significant problems for businesses in Pakistan. However, with prompt action and collaboration with industry experts, the SME sector can play a crucial role in revitalizing the economy and ensuring long-term growth.
Cigarette retailers demand tax reversal to prevent job losses
