SMEDA board meets after three years

ISLAMABAD: After a gap of three years, the Small and Medium Enterprises Development Authority (SMEDA) Board of Directors on Friday held its meeting and approved several key initiatives, including amendments to the SMEDA Ordinance 2002 in line with the State-Owned Enterprises (SOE) Act 2023.

It also approved the SMEDA Business Plan for 2024-2027, and the SME Development Special Fund Rules for 2024. Chaired by Federal Minister for Industries and Production Rana Tanveer Hussain, the board approved the SMEDA budget, annual audited accounts for the past three years and revised financial regulations.

Hussain said the government has already announced the establishment of a special SME Development Fund amounting to Rs30 billion, with an initial allocation of Rs5 billion. He expressed the optimism that the new SMEDA Special Funds Rules would facilitate rapid growth of SMEs across the country.

The meeting included six ex-officio members from the government and four representatives from the private sector. Government members included Tanveer Hussain, Saif Anjum (Federal Secretary of Industries and Production), Munir Ahmed (Senior Joint Secretary, Ministry of Finance), Aizaz Hussain (Chief Income Tax Policy), Shakeel Ahmed Mangnejo (Special Secretary of Commerce), and Socrat Aman Rana (CEO of SMEDA). Private sector representatives were Bushra Malik, Dr. Muhammad Yousaf Sarwar, Alamgir Durrani and Aania Alam.

Hussain emphasized the government’s commitment to creating a conducive business environment for SMEs, enabling them to tackle the existing challenges. He noted that the prime minister has established a steering committee on SMEs to monitor and track sector development, ensuring the implementation of National SME Policy.

“The decisions made in National Coordination Committee meetings are critical for SME development in Pakistan,” Hussain said. “All relevant departments have been advised to implement these decisions. I am hopeful that the resolutions passed in today’s SMEDA board meeting will strengthen its ability to support the SME sector effectively.”