SMEs termed drivers of industrial revolution

Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan has emphasised that Pakistan is committed to transforming small and medium enterprises (SMEs) into engines of sustainable growth and drivers of an inclusive industrial revolution.

He highlighted that SMEs contribute nearly 40% of gross domestic product (GDP) in developing economies and their strengthening is essential for job creation, innovation and poverty reduction. Haroon Akhtar participated in the first virtual session and the 8th official meeting of the D-8 Governmental Bodies on Small and Medium Enterprises.

"SMEs are the backbone of our economy and the foundation for regional economic integration. Pakistan's SMEs, particularly in textiles, surgical goods, IT and sports goods, are globally recognised and we are determined to enhance their competitiveness," the PM aide said while speaking on the occasion.

"Limited financing, technology gaps and market access remain key challenges. Through collective efforts, we can convert these barriers into opportunities."

He stressed that Pakistan was committed to aligning its SME policies with international standards, ensuring inclusivity and engaging all stakeholders in the process.

The session was also attended by Industries and Production Secretary Saif Anjum and Smeda CEO Socrat Aman. Secretary Anjum underscored that the D-8 cooperation framework provides member states with the platform to participate in global value chains and paves the way for stronger regional collaboration and industrial growth.

The Developing-8 Organisation for Economic Cooperation (D-8), established in 1997, comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkiye. It works on enhancing global economic positioning, expanding trade opportunities and improving living standards.