The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to facilitate Small and Medium-sized Enterprises (SMEs) and to take concrete steps to increase exports and develop the IT sector.
“SMEs are the backbone of the economy and promotion of the sector will reduce the huge gap between imports and exports, thus improving macroeconomic stability,” said FPCCI Regional Chairman Muhammad Nadeem Qureshi.
He expressed these views in a meeting with Small and Medium Enterprises Development Authority (Smeda) CEO Hashim Raza and Punjab Small Industries Corporation (PSIC) Environmental Specialist Shahbaz Ali Khan at the FPCCI regional office in Lahore.
Nadeem Qureshi said that non-traditional products and new markets would have to be found to increase exports, and industries should be promoted for import substitution. Additionally, an industrial estate should be set up for SMEs so that they can be provided with all facilities in one place.
He also identified SMEs as the main source of reducing poverty and expanding the national economy through job creation. However, certain regulations or interventions are still required to boost this sector.
He said the government should reduce energy prices, which were increasing the cost of doing business and thereby making Pakistani products uncompetitive in the international market.
Hashim Raza assured full cooperation, stating that Smeda is working on building an industrial estate for SMEs.
Published in The Express Tribune, August 28th, 2022.
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