LAHORE: Small and medium enterprises (SMEs) play a key role in accelerating economic growth as they pave the way for employment generation and new enterprise creation, remarked Adviser to PM on Commerce Abdul Razak Dawood.
Speaking in a meeting of the National Steering Committee on SME Policy, the adviser said in Pakistan around 99% of economic establishments were the SMEs and public-sector support could increase their growth and development.
The committee reviewed a draft developed by the Small and Medium Enterprises Development Authority (Smeda) for the new SME Policy 2019.
Dawood highlighted the issues faced by the SME sector in Pakistan and praised Smeda for preparing the draft of SME policy in line with the government’s economic priorities aimed at creating employment and boosting exports.
He said the new policy draft had been developed to focus on key areas in order to achieve sustainable SME growth, adding that it would also help uplift the growth trajectory of the SME sector and subsequently boost Pakistan’s economic growth.
He pointed out that the recently negotiated free trade agreement (FTA) with China was an opportunity for the SMEs to gain access to the Chinese market.
Speaking on the occasion, Federal Industries and Production Secretary Aamir Ashraf Khawaja said Pakistan’s SMEs required public support to become competitive in national and international markets.
“Only then, can they fulfil the multiple agenda of generating employment, scaling up, increasing exports and enhancing their contribution to GDP,” he said. “Development of national SME Policy 2019 is an important step for creating a business environment that is conducive for the SMEs.”
Published in The Express Tribune, May 3rd, 2019.