Provincial coordination urged for SME growth

Federal Minister for Industries and Production, Rana Tanveer Hussain, has begun efforts to enhance coordination with provincial governments to ensure equitable development of Small and Medium Enterprises (SMEs) across the country, following the directives of Prime Minister Shehbaz Sharif.

In this regard, he held a meeting with the Punjab government's Industries Department at PCOM, according to a SMEDA (Small and Medium Enterprises Development Authority) spokesperson on Saturday. The meeting was attended by key officials, including Ehsan Bhutta, Secretary of Industries Punjab, and Saira Umar, Managing Director of PSIC. Accompanying the minister were Saif Anjum, Federal Secretary for Industries and Production, and Socrat Aman Rana, Chief Executive Officer of SMEDA.

During the meeting, the federal minister highlighted the critical role SMEs play in any economy, contributing significantly to employment generation, economic growth, innovation, and social stability. "The Small Medium Enterprises have a momentous role in economic development of the country. Small businesses can shape the national growth strategy," he said, highlighting that SME development is a top priority for the current government. The government is committed to equitable development of SMEs in all provinces, which is why a coordination process has been initiated with the provinces under the PM's direction. He assured that the government would facilitate and incentivise SMEs to achieve optimal economic growth.

The federal minister further explained that future coordination meetings would be held with other provinces to maintain a supportive mechanism for SMEs across the country. He stressed that improving SMEs in Pakistan requires a comprehensive approach that addresses regulatory frameworks, access to finance, and technology. The federal government will immediately take necessary steps to facilitate SMEs, implementing structural reforms such as streamlining regulations and taxes to promote growth and job creation, he added.