LCCI group calls for national MSME council

LAHORE: The Progressive Group of businessmen in the Lahore Chamber of Commerce and Industry (LCCI) on Thursday urged the government to set up a national council to support the development of micro, small and medium enterprises (MSMEs) in the country.

“A National MSME Development Council could help devise policies and regulations that would boost the sector’s growth and competitiveness,” it said in a statement.

Muhammad Ejaz Tanveer, a central leader the Progressive Group, said MSMEs face many challenges such as lack of access to finance, markets, skills, technology, and infrastructure.

“A National MSME Development Council can provide a platform for policymakers, industry experts, and MSME representatives to collaborate and develop policies that support the growth and development of MSMEs,” Tanveer said.

He added that such a council could also monitor and evaluate the impact of various policies and initiatives on the MSME sector, and devise strategies to support them during times of economic downturn or crises.

The group also suggested that the council could work with financial institutions to design specialized financing schemes for MSMEs, and promote alternative financing options such as venture capital and crowdfunding.

Moreover, Tanveer said the council could design and support skill development programs, workshops, and training sessions to upgrade technical and managerial capabilities within the sector.

He also emphasized the need for the council to help MSMEs explore domestic and international markets, assist with export-related procedures, and provide guidance on compliance with international standards and regulations.

The group also said that the council could promote digital literacy, encourage the adoption of e-commerce platforms, and provide guidance on cyber security measures for MSMEs.