Business

Proposed policy to expand cross-sectoral SMEs growth: Minister

Written by The Frontier Post

ISLAMABAD (APP): Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar on Saturday said that proposed Small and Medium Enterprises (SME) policy would expand the cross-sectoral small and medium enterprises growth to enhance employment.
In continuation of consultative session with Small and Medium Enterprises (SME) multi-stakeholders, the minister held another meeting with SMEs across the country in virtual format.
Federal Secretary Industries and Production, Jawwad Raffique Malik, along with senior officials and CEO SMEDA, Hashim Raza, participated in the meeting, said a press release issued here.
During the meeting, the representatives of manufacturer, exporter associations and female entrepreneurs were taken on board.  The purpose of the meeting was to enhance cross-sectoral participation and foster dialogue with SME stakeholders in policy-making process.
The meeting also reflected upon the recommendations from stakeholders with regards to the upcoming national SME policy in detail.  The national SME policy in purview of financial incentives, taxation systems and regulatory simplification for SMEs of the country was also discussed in the meeting.  In opening remarks, the minister said that the government would formulate SME policy in accordance with the Prime Minister Imran Khan’s vision to promote cross-sectoral small and medium scale industries to generate employments and enhancing capacity of export-oriented enterprises of the country.
He noted that the proposed SME policy would augment growth of women oriented businesses, entrepreneurship, pharmaceuticals, IT enabled & farm services in the country as well as it would also support the entripers to explore local & international market opportunities.  The minister appraised the forum that government would ease credit facilities and services for SMEs.
He said that the government would further encourage SMEs to participate in public procurements.  During interaction, SME stakeholders commended GoP for placing promotion of SMEs squarely on the national economic agenda.
The businessmen and industrialists lauded the incumbent government for relaxations in terms of taxes and approved action plan for SMEs to promote business in the country.
In concluding remarks, the minister reaffirmed that the Ministry of Industries and Production with collaboration of SMEDA would continue to engage all stakeholders in the process of formulating a comprehensive SME policy.

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