Nurturing small business ventures: Business Development Park launched in Peshawar

PESHAWAR: The Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), in collaboration with the Khyber Pass Economic Corridor (KPEC), launched Inclusive Business Development Park (IBDP), a pioneering initiative aimed at empowering entrepreneurs from diverse backgrounds, including men, women, persons with disabilities, and transgender individuals.

The park was formally inaugurated by the Special Assistant to the Chief Minister Khyber Pakhtunkhwa for Industries, Commerce, and Technical Education, Abdul Karim Tordher, here on Monday.

The project is funded by the World Bank through the KPEC. The Inclusive Business Development Park, initially established in Peshawar Economic Zone, is a strategic effort to nurture small business ventures, enabling them to scale up and achieve long-term sustainability.

A handout issued here stated that the IBDP will serve as a model for future replication in other feasible locations across Khyber Pakhtunkhwa, aiming to create a robust network of inclusive business ecosystems throughout the province.

The IBDP project is being executed by a consortium, including the World Bank, KPEC and Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC).The project is valued at Rs71 million, with substantial contributions from both KPEZDMC and KPEC.

The primary financial support is provided by the World Bank, supplemented by additional funding from KPEZDMC and KPEC.These organisations are committed to provide a comprehensive range of services to support resident startups, including those operating from homes and other scattered clusters.

KPEZDMC will offer direct support to businesses housed within the IBDP, facilitating their ability to manage, trade, and exhibit their products effectively.

The park will also provide essential civic amenities and a dedicated training facility to enhance the capacity of entrepreneurs and their workforce.The IBDP will facilitate the buying and selling of products for small-scale manufacturers, providing a crucial platform for market access.

Unlike traditional business incubation centres, the IBDP will feature a production house also, allowing small-scale businesses to manufacture their products on-site.The park will function as an expo centre and a hub for B2B matchmaking, creating opportunities for small-scale entrepreneurs to connect with potential business partners.

Entrepreneurs at the IBDP will benefit from Peshawar Economic Zone, drawing inspiration and encouragement from established industrial units operating in a full-fledged business environment. Ready-to-use office facilities based on plug and play model will be available, enabling entrepreneurs to quickly set up and start their operations.

The IBDP is currently home to 17 innovative startups, primarily focused on engineering, design, and services. Among them are an electric bike manufacturer, a 3D printing startup, and a perfume maker, each contributing unique products and expertise to the vibrant entrepreneurial ecosystem.

During the inaugural ceremony, Abdul Karim Tordher highlighted the provincial government’s commitment, stating that the government of Khyber Pakhtunkhwa is dedicated to creating an inclusive and thriving business environment.

He said that the launch of the IBDP is a testament to the commitment to empower entrepreneurs across all sectors, ensuring sustainable economic growth and prosperity for the entire region.