ISLAMABAD: Prime Minister Shehbaz Sharif emphasized the importance of improving financing access for small and medium-sized enterprises (SMEs) on Tuesday, highlighting their crucial role in boosting Pakistan’s exports and fostering economic development.
During a review meeting on the performance of the Small and Medium Enterprises Development Authority (SMEDA), the prime minister instructed officials to collaborate closely with the State Bank of Pakistan and commercial banks to devise a comprehensive strategy aimed at expanding credit facilities for SMEs.
In a significant development, PM Shehbaz stressed the need to enhance support for SMEs to increase their production capacity. He particularly highlighted the importance of raising awareness and facilitating loans for farmers engaged in processing agricultural products and fruits.
He also urged commercial banks to introduce specialized financial products designed to meet the unique requirements of small and medium-sized businesses. Furthermore, the prime minister directed authorities to assist SMEs in preparing feasibility studies and completing necessary procedural formalities, emphasizing the urgency of removing barriers that impede the sector’s growth.
The meeting revealed that SMEDA had facilitated the participation of 700 Pakistani SMEs in 16 international events this year, aiming to broaden their access to global markets and boost exports. Additionally, SMEs in 35 cities have received training on financial regulations and business management, alongside other initiatives undertaken to strengthen the sector.
Notably, PM Shehbaz called on SMEDA to provide increased support to young entrepreneurs, including women, to help them establish and grow small and medium-sized enterprises.
The session was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister Musadik Malik, Special Assistant to the Prime Minister Haroon Akhtar Khan, and other senior officials. Chief secretaries from all four provinces and sector experts also participated via video link.
