Prime Minister Muhammad Shehbaz Sharif on Monday directed the relevant authorities to speed up measures so that banks and other financial institutions can provide loans to small and medium sized enterprises (SMEs) on easy terms.
According to Prime Minister’s Office sources, Shehbaz Sharif made these remarks while chairing a meeting on the business plan of the Small and Medium Enterprises Development Authority (SMEDA) for the promotion of SMEs. During the meeting, a three year roadmap for the development of SMEs was presented. The Prime Minister appreciated the practical and effective planning of the Special Assistant for Industries and Production, Haroon Akhtar, and the newly appointed Board of Directors of SMEDA.
Sources said the Prime Minister stated that small and medium enterprises serve as the backbone of the national economy and stressed that the SME sector has strong potential to boost the country’s exports.
The meeting was given a detailed briefing on the challenges faced by SMEs, the action plan to address them, strategies to integrate SMEs into national exports, and other steps included in the business plan. The briefing also reviewed ongoing efforts to increase cooperation with different countries to help Pakistan’s SME sector compete in global markets.
It was noted that multiple workshops have recently been held in six cities to build the capacity of local SMEs, and various training programs are underway to prepare small businesses for global competition. Measures to increase women’s participation and active role in the SME sector were also discussed.
According to sources, the meeting was attended by Information Minister Attaullah Tarar, Special Assistant to the Prime Minister Haroon Akhtar, Governor of the State Bank of Pakistan Jameel Ahmad, chief secretaries of all four provinces, chief secretaries of Azad Jammu and Kashmir and Gilgit Baltistan, newly selected members of SMEDA’s Board, and officials from relevant institutions.
