Sunday October 24, 2021

‘New policy to aid cross-sectoral SME growth’

September 19, 2021

ISLAMABAD: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar on Saturday said the proposed SME policy would promote cross-sectoral small and medium scale industries to generate employment, ease credit facilities, and enhance capacity of export-oriented enterprises.

Speaking during a consultative session with SME multi-stakeholders, he said the policy would augment growth of women oriented businesses, entrepreneurship, pharmaceuticals, IT enabled and farm services in the country.

The meeting that took representatives of manufacturer, exporter associations and female entrepreneurs on board was also told that the policy would support entrepreneurs to explore local and international market opportunities.

Secretary Industries and Production Jawwad Raffique Malik, senior officials of the ministry and SMEDA CEO Hashim Raza also participated in the meeting.

The purpose of the meeting was to enhance cross-sectoral participation and foster dialogue with SME stakeholders in the policy-making process.

The meeting also discussed the national SME policy in purview of financial incentives, taxation systems and regulatory simplification for SMEs of the country.

Reflecting upon the recommendations from stakeholders with regards to national SME policy, Bakhtyar told the forum that the government would ease credit facilities and services for SMEs.

He said that the government would further encourage SMEs to participate in public procurements. During interaction, SME stakeholders commended the government for placing promotion of SMEs squarely on the national economic agenda.

Businessmen and industrialists lauded the incumbent government for relaxation in terms of taxes and approved an action plan for SMEs to promote business in the country.