Minister shares govt plan for SME development

LAHORE: Minister for Industries and Production Rana Tanveer Hussain said that the SME sector is the backbone of the economy and that the government is working to create a conducive business environment for SMEs, enabling them to address the prevailing challenges.

The minister, while chairing the 12th meeting of the National Coordination Committee on SME Development on Friday at the SMEDA head office, observed that the prime minister is keen to improve access to finance for SMEs, and under his direction, the State Bank of Pakistan (SBP) has proposed to re-define SMEs by increasing the threshold of SMEs. However, he urged the SBP to simplify loan application forms for the ease of SMEs.

He also emphasized simplifying the cumbersome regulatory procedures at both the federal and provincial levels to foster a conducive business environment for SMEs, as suggested in the SME Policy.

Federal Secretary Industries and Production Saif Anjum and Joint Secretary MOIP Nisar Ahmad Phularwan accompanied the minister in this meeting.CEO SMEDA Socrat Aman Rana gave a presentation to update the implementation process of the SME Policy 2021 and Action Plan on this occasion. Many senior officials from provincial and federal departments, including the SBP, the FBR, TDAP, the PIDC and the SECP, participated in the meeting. Hussain expressed satisfaction with the implementation process of the SME Policy and appreciated SMEDA’s active coordination with provincial working groups to expedite the formulation of implementation strategies in all provinces and administrative units.

He said that the prime minister had established a steering committee on SMEs for monitoring and tracking SME development in the country. The committee has been entrusted with overseeing initiatives and ensuring the implementation of the National SME Policy.

Decisions made in NCC meetings are critical for SME development, and all relevant departments have been advised to make every effort to implement these decisions with full commitment and adherence, he said.

The minister asserted that the SME Census was crucial for informed policymaking and advised the Pakistan Bureau of Statistics (PBS) to actively prioritize and expedite the process of conducting a national-level SME Census.

Later, Hussain also chaired a meeting of the consultative group on the National Women Entrepreneurship Policy and Action Plan. CEO SMEDA gave an exclusive presentation in this regard. Referring to the draft National Women Entrepreneurship Policy, the minister said that women’s entrepreneurship plays a vital role in promoting gender equality; reducing poverty; and driving economic growth. He added that while women are 48.2 percent of Pakistan’s population, only 19 per cent are part of the labour force.

After a thorough review of the policy, the minister advised getting final comments from the stakeholders on this policy within a week so that the policy may be submitted for the cabinet’s approval.