‘New SME policy to unlock women’s potential’

ISLAMABAD: Makhdum Khusro Bakhtyar, Federal Minister for Industries and Production, on Wednesday said new SME (small & medium enterprises) policy was focused on unlocking the potential of women's participation in economy.

“The policy draft will be structured in tandem with access to financial and tax incentives for women-oriented businesses and female entrepreneurs,” the minister said chairing a consultative meeting with SME stakeholders at his office. Jawwad Raffique Malik, Secretary Industries and Production, along with senior officials of ministry and Hashim Raza, CEO SMEDA (Small and Medium Enterprise Development Authority) attended the meeting.

The meeting comprehensively ventilated questions, concerns and recommendations from stakeholders ahead of the government's National SME Policy.

The Chair was told that the national SME policy would encompass financial incentives (enhancing SMEs access to collateral-free lending); fiscal incentives (simplified taxation regime for SMEs); and guillotine regulatory simplification for SMEs countrywide. The minister said industrial development was a core priority of the incumbent government with prime focus on promoting SMEs particularly export-oriented enterprises of the country. “The government is promoting diversification and modernising of its industrial base through the use of advanced technologies.”

Bakhtyar also said the new SME policy would provide framework to improve the macroeconomic and regulatory environment, access to finance, skills and human resource, infrastructure development, entrepreneurship, innovation and incubation, business development services and local & international market opportunities for small and medium enterprisers. SME stakeholders lauded the efforts of the government for formulating a comprehensive policy as universally accepted by key players. The participants also commended the current government for SME support package in tough time of pandemic and hoped for holistic SME policy for promotion of microbusinesses in the country.