January 17, 2025 (MLN): Small and medium enterprises (SMEs) have the potential to drive the country's export growth, contributing 40% to 60% with the right level of banking support, the Federal Minister stated.
This was emphasized during a high-level meeting chaired by the Minister for Planning, Development and Special Initiatives (PD&SI), according to the press release.
This includes expanding trade financing facilities, providing more accessible credit options, and developing innovative banking solutions to address the unique challenges faced by smaller industries in the export sector.
The meeting focused on implementing the Prime Minister's directives to conduct surveys on Small and Medium Enterprises (SMEs) to support evidence-based decision-making and policy formulation.
The surveys on SMEs will be conducted by Pakistan Bureau of Statistics (PBS) to determine market size and for formulation of well-informed policy for development of SME Sector.
The meeting was attended by key stakeholders, including the Secretary of Industries and Production, the Chairman of NADRA, the CEO of SMEDA, the Chief Statistician, and the Member (Support Services) of the PBS, along with other senior officers.
The Chief Statistician gave a presentation on the strategy to conduct the thirteen surveys on the prioritize sector of SMEs pursuant to the directive of the Honorable Prime Minister of Pakistan.
The policy formulation and informed decision making as well required Interventions for promoting SME growth based on the surveys’ results will provide basis for economic growth, youth employment opportunities and exports by promoting SME’s.
The Chair emphasized that the priority sectors for SMEs should be those with the potential to significantly contribute to exports, in line with the vision outlined in the URAAN Pakistan Program.
Additionally, the Chair directed SMEDA to collaborate with provincial governments to develop a mechanism for registering all business activities through district administrations and ensuring the regular updating of the register.
He also advised SMEDA to work with the SBP to create a framework where each bank would establish a dedicated credit window for export-oriented SMEs.
The surveys on SMEs will be conducted using data from the Economic Frame, incorporating information collected by the PBS during the 7th Population and Housing Census, the country's first-ever Digital Census.
The economic frame, along with data from other sources, will be utilized to ensure comprehensive coverage and accurate representation in the surveys.
The Chair emphasized the need to focus on key aspects of SMEs, particularly those related to exports.
The surveys will cover critical SME sectors, including Small and Medium Manufacturing Enterprises, Marine and Freshwater Fishing and Aquaculture, Poultry Farms, Software Development, and Human Health and Social Work Activities.
Additionally, the surveys will focus on sectors such as Education, Accommodation and Food Services, Wholesale and Retail Trade, and others.
The meeting underscored the government's commitment to fostering economic growth, promoting youth employment, and supporting SME development to boost exports and ensure national prosperity.
The Chair highlighted the importance of effective collaboration among stakeholders to achieve these objectives.
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Posted on: 2025-01-17T09:31:01+05:00