The development of small and medium enterprises (SMEs) is imperative for sustainable economic growth and the government is working on a policy for cross-sector development of SMEs, particularly export-oriented businesses, said Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar on Thursday.
Chairing a meeting of the National Coordination Committee on SME Development, the minister highlighted that the government was focusing on enhancing credit financing for the SMEs filing tax returns as well as increasing credit limit for the enterprises having collateral assets for the expansion of existing business.
He said that the new policy would focus on enlargement of micro-financing and venture investment for the SMEs, with the help of international donors.
“The proposed SME policy will outline incentives for women-oriented businesses, reducing gender gap in financial inclusion and mainstreaming the role of women in the economy,” Bakhtiar stated.
He revealed that the ministry would allot land to the SMEs on rental lease model in the Special Economic Zones. He called for a specialised lending scheme for the garment sector and information technology-enabled services within the purview of SME policy.
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The minister directed the relevant provincial departments and Small and Medium Enterprises Development Authority (Smeda) to finalise the new SME policy according to the prime minister’s vision to promote cross-sector small businesses across the country.
The forum deliberated upon the framework of proposed national SME policy.
The chair was briefed about the prominent features like financial incentives, fiscal incentives, SME registration portal, formation of common facility centres/warehouses and regulatory simplification for SMEs countrywide.
Senior officials of the Ministry of Industries and Production, State Bank of Pakistan, Board of Investment, Ministry of Finance, Smeda and provincial departments also participated in the meeting.
Published in The Express Tribune, September 24th, 2021.
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