SMEs are backbone of national economic growth: PM

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday underscored the significance of small and medium enterprises (SMEs) as the engine of inclusive growth, innovation and employment, terming them enablers of national strength saying, “empowering them means empowering Pakistan”.

The prime minister chaired a high-level meeting of the Steering Committee of the Small and Medium Enterprises Development Authority (Smeda), underlining the government’s firm commitment to promote SMEs as a backbone of national economic growth, a PM Office news release said.

The prime minister concluded the meeting by directing Smeda and relevant institutions to accelerate work on all pending initiatives, ensure effective coordination among stakeholders, and prioritise facilitation for women and micro entrepreneurs.

Separately, chairing a high-level review meeting, the prime minister directed immediate reforms to simplify and expand access to low-cost agricultural loans for small and medium-scale farmers, calling it a critical step for boosting agricultural productivity and ensuring economic dignity for the country’s rural backbone.

“Small-scale farmers face immense challenges in securing low-cost loans,” he said, adding, “Providing them with easier access to affordable credit is among the government’s top priorities.”

Meanwhile, chairing a meeting regarding matters related to the Federal Board of Revenue (FBR), the prime minister directed the relevant authorities to eliminate red tape and institutional hurdles to ensure the permanent implementation of reforms in the FBR.

The prime minister expressed satisfaction over the increase in the tax-to-GDP ratio as a result of the reforms introduced by the federal government in the FBR. He also directed to use modern technology in the customs clearance reform agenda to minimise the time required for institutional procedures.