‘SME development vital for economic growth’
Previous government approved RLNG tariff of $6.5 per mmbtu for export-oriented industries across Pakistan but that was implemented only in the SNGPL jurisdiction in the north. Photo: file
Federal Minister for Industries and Production, Makhdoom Syed Murtaza Mehmood, emphasised the vital role of small and medium enterprises (SMEs) in overcoming economic challenges during his address at the World MSME Day celebration organised by the Small and Medium Enterprises Development Authority (SMEDA).
The minister acknowledged the global significance of MSMEs and emphasised the government’s focus on facilitating their rapid growth, despite the challenging macro-economic environment. The implementation of the National SME Policy across the country aims to provide a business-friendly and investment-friendly environment, simplifying tax and regulatory compliance, and ensuring easy access to credit. The government’s commitment to promoting industrialisation, innovation, enterprise development, and export growth is evident in the financial and policy support outlined in the Federal Budget 2023-24, he said. Measures such as allocating Rs10 billion for subsidised loans to small businesses through the PM’s Youth Program and relaunching the SME Asaan Finance Scheme demonstrate the government’s dedication to supporting SMEs.
The minister highlighted various initiatives introduced to encourage the participation of youth and women in the SME sector. The inclusion of the IT sector as an SME sector and the allocation of Rs5 billion for women’s empowerment in the budget are notable steps in this direction. The government’s efforts to support SMEs are further exemplified by the reinvigorated SMEDA, which is poised to play a central role in leading the government’s SME development agenda, he added.
CEO of SMEDA, Farhan Aziz Khawaja, outlined the services, projects, and programmes undertaken by SMEDA to promote SME development. Khawaja highlighted SMEDA’s commitment to achieving the government’s SME development goals, including regulatory and tax reforms, improved access to finance, and human resource and skill development. He also announced that entrepreneurship has been included in the National Single Curriculum of Pakistan for grades 9-12, promoting an entrepreneurial culture from a young age.
Six MOUs were also signed with the aim to create a supportive ecosystem for the SME sector.
Published in The Express Tribune, June 28th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.