Report: ANI
ISLAMABAD– Prime Minister Muhammad Shehbaz Sharif has directed the doubling of total financing for small and medium-sized enterprises (SMEs) from Rs 1.1 trillion to Rs 2.2 trillion by 2028, emphasizing their vital role in strengthening Pakistan’s economy.
Chairing a meeting on the Small and Medium Enterprises Development Authority (SMEDA), the Prime Minister said the business community was the backbone of any country’s economy, while Pakistan’s SME sector had enormous potential to drive economic growth.
He said the ongoing reforms at SMEDA were aimed at empowering small and medium-sized entrepreneurs. He also stressed that creating business opportunities in underdeveloped areas would promote local prosperity, reduce migration to major cities and support overall national development.
The Prime Minister directed SMEDA to develop a comprehensive strategy to educate aspiring entrepreneurs about procedures for obtaining business loans. He also called for feasibility studies for businesses across various sectors to be prepared by relevant experts and made available in local languages.
The meeting was informed that SMEDA was being transformed into a central platform to provide training to aspiring entrepreneurs and facilitate their access to bank financing. Offices were being established across the country to improve outreach, while an artificial intelligence-based helpline would provide information and guidance in local languages.
Participants were also informed that a memorandum of understanding had been signed between global e-commerce company Alibaba and SMEDA to train 10,000 SMEs over two years. Reforms were also underway to make the SME digital portal more effective and user-friendly.
The meeting was attended by Federal Ministers Rana Tanveer Hussain, Jam Kamal Khan, Dr Musadik Masood Malik, Ahad Khan Cheema, Attaullah Tarar and Chaudhry Salik Hussain; Minister of State for Finance Bilal Azhar Kiani; Adviser to the Prime Minister Haroon Akhtar; Chairman of the Prime Minister’s Youth Programme Rana Mashhood Ahmad Khan; and senior officials of relevant institutions.
