PM Shahbaz reaffirms commitment to strengthen SMEs in Pakistan

Prime Minister Shehbaz Sharif reiterated the government’s commitment to supporting small and medium enterprises (SMEs), describing them as the backbone of Pakistan’s economy.

The Prime Minister made these remarks while chairing a meeting in Lahore on Saturday, aimed at boosting the growth of SMEs and reviewing initiatives by the Small and Medium Enterprises Development Authority (SMEDA).

In his address, PM Shehbaz stressed the need for decisive actions to integrate Pakistan’s industries into the global supply chain, which would further enhance the country’s export potential. He called on the federal government and all provincial administrations to collaborate closely for the development of the SME sector.

The meeting was briefed on the progress of SMEDA, including the formation of its board, which has been meeting regularly. The Prime Minister was also informed that efforts are underway to hire international experts to assist in the development of the SME sector.

The State Bank of Pakistan has instructed banks to simplify their loan application processes, making it easier for SMEs to access financial support. The Prime Minister was told that communication between the Federal Ministry of Industry and provincial governments has been enhanced, and data collection on SMEs across the country is underway.

The governments of Sindh and Balochistan have already prepared detailed action plans for SMEs, while Punjab, Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Jammu and Kashmir are also working on their respective strategies.

PM emphasised that the growth of SMEs is vital for the country’s economic recovery and long-term development, urging all stakeholders to work together to realise the sector’s potential.