Prime Minister Shehbaz Sharif directs SMEDA, the State Bank and commercial banks to expand financing options and strengthen support for small and medium-sized enterprises.
SMEs took centre stage as Prime Minister Shehbaz Sharif directed officials to prepare a comprehensive strategy to improve small and medium-sized enterprises’ access to financing and support export-led growth.
Chairing a review meeting of the Small and Medium Enterprises Development Authority (SMEDA) in Islamabad, the prime minister instructed the authority to work with the State Bank of Pakistan and commercial banks to expand financing opportunities for SMEs.
He said easier access to credit would help businesses increase production and strengthen Pakistan’s exports.
Moreover, the prime minister directed officials to improve financial support for farmers involved in agricultural processing. He also called for greater awareness of financing opportunities to help them expand their businesses.
Banks asked to develop SME-focused products
Shehbaz Sharif instructed commercial banks to introduce dedicated financial products tailored to the needs of small and medium-sized enterprises.
In addition, he directed SMEDA to help entrepreneurs prepare feasibility studies and complete other requirements needed to establish and expand businesses.
The prime minister stressed that authorities must remove barriers slowing the sector’s growth without delay.
Furthermore, he instructed SMEDA to provide greater support to young entrepreneurs and women seeking to launch or grow their businesses.
SMEDA outlines progress
Officials briefed the meeting on several initiatives aimed at strengthening the SME sector.
They said SMEDA had helped 700 enterprises participate in 16 international events during the current year to improve access to global markets and boost exports.
Meanwhile, businesses in 35 cities received training on financial regulations and business development.
The meeting also reviewed additional programmes designed to improve the competitiveness and long-term growth of Pakistan’s SME sector.
