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January 16, 2021

‘Initiatives on cards for SMEs’

Business

January 16, 2021

ISLAMABAD: The government is taking initiatives to facilitate ease of doing business for small and medium enterprises (SME) sector, commerce adviser said on Friday.

Adviser to the Prime Minister on Commerce and Investment Razak Dawood reiterated the desire of the government to support the SME sector and facilitate their ease of doing businesses. He was talking to a delegation of Peshawar Chamber of Small Traders and Small Industry. SMEs constitute approximately 90 percent of businesses in the country, employ 80 percent of the non-agricultural labour force and contribute 40 percent in country’s annual GDP.

The office bearers and representatives of the chamber briefed the adviser on their activities and plans for support and development of SME sector.

The basic issues highlighted by the chamber are related to a representation in policymaking for the SME sector and across-the-board implementation and enforcement of tax regime within the provincial areas and within the merged areas of federally-administered tribal area.

The meeting was informed that non-enforcement of the sales tax regime encourages disparities between tax filers and non-filers, which need to be removed.

Traders called for enforcement of intellectual property rights all across Khyber Pakhtunkhwa. The issues related to packaging and labeling requirements and enforcement of regulatory requirements were also discussed.

Informal trade is commonplace on the border areas neighbouring Afghanistan, Iran and China. Mostly informal trade takes place on the border area of Khyber Pakhtunkhwa. So much so, informal trade volume in these areas is only second to the industrial city of Karachi’s hustle and bustle, a local analyst said.

The commerce adviser was urged to support efforts for provision of free land so that the chamber can set up its offices in Peshawar and also set up incubation and training centers for SME development in Peshawar.