SME Bank sell-off plan incomprehensible, says LCCI
Says buyer will only think of profit, not about job-creating SMEs
"More than 3.2 million SMEs are functioning in Pakistan, they contribute almost 30% in GDP," LCCI President Sohail Lashari.
LAHORE:
The Lahore Chamber of Commerce and Industry (LCCI) has fiercely resisted the government’s plan to privatise SME Bank and has called for dropping the idea for the sake of small and medium enterprises (SMEs).
In a statement on Wednesday, LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan termed the planned privatisation of SME Bank an illogical decision taken without taking stakeholders on board.
They pointed out that SME Bank was supporting and developing the SME sector by providing necessary financial and technical assistance on a sustainable basis. The bank was also enabling the SMEs to contribute to economic development through value addition and exports and was promoting entrepreneurship and creating employment opportunities, they said. In the present scenario when SME Bank was fulfilling its responsibilities in a good manner, the LCCI office-bearers said, its privatisation was incomprehensible.
Market watch: Stocks close lower for third consecutive session
They suggested that instead of selling it off, the government should shift its focus to the SMEs as these were considered the engine of economic growth in both developed and developing countries. SMEs in Pakistan are providing employment to millions of people besides playing a significant role in economic progress of the country.
“Selling off SME Bank is not a good option as its buyer will think only about profiteering, not about the SME sector, therefore, the government should shelve the plan and think about the small and medium sector,” they said.
Published in The Express Tribune, February 2nd, 2017.
The Lahore Chamber of Commerce and Industry (LCCI) has fiercely resisted the government’s plan to privatise SME Bank and has called for dropping the idea for the sake of small and medium enterprises (SMEs).
In a statement on Wednesday, LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan termed the planned privatisation of SME Bank an illogical decision taken without taking stakeholders on board.
They pointed out that SME Bank was supporting and developing the SME sector by providing necessary financial and technical assistance on a sustainable basis. The bank was also enabling the SMEs to contribute to economic development through value addition and exports and was promoting entrepreneurship and creating employment opportunities, they said. In the present scenario when SME Bank was fulfilling its responsibilities in a good manner, the LCCI office-bearers said, its privatisation was incomprehensible.
Market watch: Stocks close lower for third consecutive session
They suggested that instead of selling it off, the government should shift its focus to the SMEs as these were considered the engine of economic growth in both developed and developing countries. SMEs in Pakistan are providing employment to millions of people besides playing a significant role in economic progress of the country.
“Selling off SME Bank is not a good option as its buyer will think only about profiteering, not about the SME sector, therefore, the government should shelve the plan and think about the small and medium sector,” they said.
Published in The Express Tribune, February 2nd, 2017.