PM sees medium industry as engine of growth

ISLAMABAD:

Prime Minister Imran Khan on Thursday stressed on promotion of small and medium enterprises (SMEs) sector in the country, saying it is the main component of economy, the elevation of which would help create employment opportunities and improve financial conditions.

“The SMEs is a key constituent of the economy and its empowerment would help strengthen the economic outlook and create job opportunities,” PM Imran said while chairing a meeting of National Coordination Committee (NCC) on SMEs.

The premier observed that the country's all economic indicators were on a positive trajectory and directed the authorities concerned to achieve the targets set for the uplift of SMEs.

The meeting was informed that the government was in consultation with all the stakeholders to extend financial support to SMEs for which a special fund would also be created.

It was noted that targets had been set to address legal, administrative and regulatory issues for the betterment of SMEs sector and that restructuring of Small and Medium Enterprises Development Authority (Smeda) was in progress to facilitate the business sector.

The participants of the meeting maintained that the procedure to file tax returns for the SMEs was being eased and work on registration portal continued.

They said that working groups had been created in the provinces and SMEs' database was being updated on priority for their timely facilitation.

Federal ministers Abdul Hafeez Shaikh, Hammad Azhar, SAPM Usman Dar, Board of Investment chairman, federal secretaries of industries, commerce, finance, energy, petroleum and law, Federal Board of Revenue (FBR) chairman, State Bank of Pakistan (SBP) deputy governor, Securities and Exchange Commission of Pakistan (SECP) commissioner, Smeda CEO, Public Procurement Regulatory Authority (PPRA) managing director and other senior officials attended the meeting.

Sindh chief secretary and secretaries of industries from Gilgit-Baltistan, Punjab, Khyber Pakhtunkhwa, Balochistan and Azad Jammu and Kashmir and Trade Development Authority (TDA) CEO participated in the meeting through video link.

Meanwhile, PM Imran hailed commercial banks for extending cooperation to promote the construction sector, saying for the first time in the history of Pakistan, the financial institutions were giving loans to the poor, which was a welcoming sign.

“Promotion of construction sector and providing shelter to the poor is a national service,” he said while chairing a meeting of the NCC on housing, construction and development.

SBP Governor Dr Reza Baqir observed that a steering committee had been constituted in collaboration with all the commercial banks to review the modalities of obtaining easy loans.

He said the commercial banks had started providing loans for building homes at 7,700 branches across the country and a media campaign had also been launched to create awareness among the poor and middle class for the purpose.

Heads of commercial banks including National Bank, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank Al Habib, Askari Bank, Meezan Bank, Faysal Bank, JS Bank, Bank of Punjab, Dubai Islamic Bank, Soneri Bank, BankIslami, Habib Metro Bank, Al Baraka Bank, Standard Chartered, First Women Bank and Bank of Khyber were specially invited to attend the meeting.

The meeting was told that the commercial banks were receiving applications in large numbers for obtaining loans.

SBP deputy governor observed that the central bank had formulated a mechanism to assess the performance of commercial banks and launched a complaint portal as well.

The premier called for intensifying the awareness campaign to which, the heads of the banks assured the government of their full support for the completion of the national programme.

During the meeting, the energy secretary briefed the participants about the provision of electricity for the housing projects while Lahore Development Authority (LDA) vice chairman apprised the participants about LDA City Naya Pakistan Housing Apartments in Lahore.

The vice chairman said that a total of 35,000 units would be constructed under the project out of which, large number would be allocated for the poor and middle class.

In the initial phase, 4,000 units are being built and the PC-1 and master plan of the project had been approved. The project will be completed in June 2022 and offer the facility of easy installments.

Separately, the premier noted that Ravi Riverfront Urban Development and Island City were huge construction projects, which would not only increase employment opportunities for the local people but improve their economic conditions.

In review meetings of Ravi and Island projects, PM Imran was informed that a design and construction consultant had already been appointed for the Ravi project and preparations were underway to launch a programme for the investors.

He was apprised that the Punjab government had approved the release of funds in principle for the project.

The premier directed the authorities concerned to timely complete the targets on both the projects and hold an investment conference and work out a comprehensive strategy to take full advantage of the interests of foreign investors in these projects.

In addition, a delegation of the United Nations Development Programme (UNDP) dealing with digital governance called on PM Imran to apprise him about digital transformation.

The UNDP representatives briefed the premier on five priority digital interventions, identified after interaction with different departments and key stakeholders including from the government, private sector and the development community.

These priority interventions include supporting Nadra’s digital registration; development of digital ID stack to extend digital infrastructure of Pakistan, which includes digital payment system and more; supporting Ehsaas’ introduction of a one-window portal for integrated social protection services; digitisation of Police Investigation Manual and establishing a national emergency helpline with National Police Bureau; and development of Pakistan Business Portal with the Board of Investment, an online platform for ease of doing business within the country.

The UNDP is also conducting a digital maturity assessment in parallel to prioritise digital interventions using read-data driven approach.

The prime minister appreciated UNDP’s partnership in the development of a digital transformation roadmap for the country and underlined the importance of digital solutions for improved governance.

He said Pakistan was committed to using digital technologies for achieving the sustainable development goals.

It will, he added, help the vulnerable sections of the society, in particular, to get maximum benefit from the social welfare and social protection policies of the government at the grass-root level.

With input from APP