Islamabad, Aug 23: The Small and Medium Enterprises Development Authority (SMEDA) was the subject of a meeting on Friday, which was presided over by Prime Minister Muhammad Shehbaz Sharif. Sharif emphasized the importance of SMEs to Pakistan’s economy.
According to him, the small and medium-sized businesses are the backbone of the national economy.The prime minister expressed dismay about the SMEDA Board’s lack of operation and ordered its rapid constitution, emphasizing the importance of establishing boards for all institutions essential to the nation’s economy as soon as possible.
He also demanded that enterprises encourage subcontracting and that every effort be made to incorporate Pakistani industries into the global supply chain.Additionally, the prime minister gave the order to conduct the required actions to guarantee the appointment of the SMEDA’s CEO.
Furthermore, he instructed that members of the business sector be added to the steering group. The prime minister was informed during the briefing that the SMEDA Development Fund had been established for the first time, with a six-year allocation of Rs 30 billion. The meeting was informed that, of the amount, Rs 5 billion had already been allocated for the year 2024–2025.
During the conference, it was revealed that there are 5.2 million small and medium-sized businesses in Pakistan, which make up 40% of the nation’s GDP and are responsible for 31% of the nation’s exports. Aside from jobs outside of agriculture,
The meeting was informed that although the SME sector has received approximately Rs 491 billion in bank credit to date, it still needs to receive up to Rs 800 billion in credit. The SME sector accounts for 72% of employment. Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Industries and Production Ahad Khan Cheema, Federal Minister for Economic Affairs Ahad Khan Cheema, PM’s Coordinator Rana Ihsaan Afzal, and other pertinent high officials were present at the meeting.
