Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, introduced the Prime Minister's SME Development Vision during a media talk at the Small and Medium Enterprises Development Authority (Smeda) office on Saturday, ahead of the Smeda Board of Directors' meeting.
SAPM Khan stated that the Prime Minister considers the SME sector as the key to economic development and aims for Pakistani SMEs to compete with their counterparts in global markets.
Khan informed that, following the Prime Minister's directive, the definition of SMEs has now been expanded to include micro-enterprises. As a result, businesses with an annual turnover of less than Rs30 million will now be able to benefit from the privileges and facilities available to SMEs. He pointed out that millions of small businesses are currently operating within households across Pakistan but remain hidden from the formal economy and are unregistered. These businesses are neither growing themselves nor contributing to national development. He assured that the government will soon offer incentives to bring these informal businesses into the formal economy.
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