SMEs say state support key to growth

KARACHI: Most small and medium enterprises (SMEs) across Pakistan, Middle East and Africa believe state support and effective policies are key to future growth.

A research by Mastercard found that 88 percent of SMEs across Pakistan, the Middle East and Africa have identified government support and implementation of effective policies as key business support areas for future growth.

The research correlates regional government efforts to advance GDP recovery and growth to the implementation of supportive measures for the SME sector and the digital economy, according to the Mastercard MEA SME Confidence Index. Strategic recommendations for supporting business-to-business SMEs outlined in a new public policy document by Mastercard policy center for the digital economy.

The research highlighted the important role of government support in helping SMEs across the Pakistan, Middle East and Africa (MEA) to recover, position for growth, and contribute to economic prosperity.

Mastercard has successfully collaborated with regional governments to create growth opportunities for SMEs, by creating an ecosystem where small businesses can thrive.

In Pakistan, Mastercard partnered with Bank Alfalah and National Bank of Pakistan to provide a safe online donation portal to support those in need during the pandemic for the Covid-19 pandemic relief fund.

Through technology services, cyber assessments, insights, grants, digital training, mentoring platforms and knowledge initiatives, Mastercard will contribute $250 million over five years to support small businesses’ financial security globally. As part of its goal to build a more sustainable and inclusive world, Mastercard has committed to connect 50 million small businesses, including 25 million women entrepreneurs globally, to the digital economy by 2025.