ICCI to promote SMEs in order to overcome economic challenges

October 05, 2018: Islamabad Chamber of Commerce and Industry has urged to the government to introduce a special chapter in its 12th five year plan in order to address the economic challenges faced by the government and create more job opportunities for emerging skilled and semi-skilled workforce.

President ICCI Ahmed Hassan Moughal has said that government is in the process of preparing the 12th Five Year Plan 2017-18 to 2022-23 and it should prepare a specific chapter on SME Sector in the said plan.

He said this while exchanging views with a delegation of local markets during their visit to Chamber House, says a press release. 

The SMEs are the backbone of economy as they constituted 90 percent of all enterprises in Pakistan, contributed 40 percent to GDP growth, employed 80 percent of non-agricultural labor force and are a major source of exports.

However, the 11th Five Year Plan comprising of 27 chapters covering various sectors of economy contained no chapter on SMEs despite the fact that SME sector is an important pillar of the economy that needed priority focus for development and growth.

ICCI President stressed that the government for immediately develop new SME policy in consultation with all stakeholders to put this sector on the path of accelerated growth as the last SME policy developed in 2007 could not contribute effectively in strengthening and promoting SMEs in the country.

Raffat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that SMEs led private sector growth is the optimum way forward for the government to steer the economy out of current challenges and put it on sustainable growth trajectory. They said SMEs led growth would bring multiple benefits to the economy as it would attract new investment, create more jobs for youth, reduce poverty, improve tax revenue and reduce trade & fiscal deficits through enhanced exports.

(APP)