Islamabad: Prime Minister Shehbaz Sharif has emphasized the need to take concrete steps to integrate Pakistani industries into the global supply chain. Chairing a meeting focused on the promotion of small and medium enterprises (SMEs), the prime minister highlighted their critical role as the backbone of the national economy.
During the meeting, a detailed briefing on the performance of the Small and Medium Enterprise Development Authority (SMEDA) was presented. It was informed that a new board of SMEDA has been established under the prime minister’s directives, and its board of directors is meeting regularly to ensure progress.
The briefing revealed several initiatives for SME development, including the hiring of experts and the involvement of chief secretaries from Gilgit-Baltistan and Azad Kashmir in the steering committee. The State Bank of Pakistan has also directed banks to simplify loan application processes for SMEs, while the Ministry of Industry and Production has been tasked to enhance collaboration with provincial governments.
Notably, the governments of Sindh and Balochistan have devised comprehensive strategies for SME development, while efforts are underway in Punjab, Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Kashmir to finalize their strategies. Additionally, a nationwide data collection drive for SMEs is being conducted on the prime minister’s instructions.
Prime Minister Shehbaz Sharif reiterated that fostering SMEs is vital for economic growth and job creation. He urged federal and provincial governments to collaborate effectively, ensuring cohesive efforts for the sector’s development. He also stressed the importance of making Pakistani industries globally competitive and enhancing their participation in international supply chains.
This renewed focus on SMEs is expected to drive innovation, increase exports, and bolster Pakistan’s economic resilience.
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