SME sector expansion important for growth

Bakhtiar says govt making all-out efforts for growth, development of small businesses

ISLAMABAD:

The government is making all-out efforts for growth and development of the small and medium enterprises (SMEs) of the country, said Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar.

“The new SME policy will be finalised after extensive consultation with major stakeholders from the business community and consideration of all the new aspects,” he said while addressing a meeting with presidents of different trade associations on Wednesday.

According to Prime Minister Imran Khan’s vision, inclusive economic growth in the country is not possible without sustainable growth of the SME sector. The growth of the SME sector is the top priority of the government as it will increase business and employment opportunities in the country, he said.

He informed the participants that microfinance banks had been taken on board to solve the financial problems of the SME sector.

Bakhtiar said that banks will now offer financial assistance to the sector keeping in view the risk factors and collateral damage of the firms.

Also present in the meeting, Adviser to Prime Minister for Commerce Abdul Razak Dawood said that the government was making positive changes in the new SME policy for growth of small enterprises in the country.

“We have already slashed duties on industrial raw materials by 50%,” he said.

The adviser stated that in the next two budgets, duties applicable on the industrial raw material will decline by up to 70%.

He said that in the last budget, the government reduced duties on raw material but not on finished goods.

Published in The Express Tribune, November 11^th, 2021.

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