NCC discusses SME policy framework

ISLAMABAD: The Ministry of Industries and Production has plans to ease credit facilities, simplify laws, and come up with a portal in the final national small and medium enterprise policy to promote cross-sectoral industries for generating jobs and enhancing the country’s export capabilities.

Federal Minister for Industries and Production Makhdum Khusro Bakhtyar held the 8th National Coordination Committee (NCC) on SME Development virtually on Thursday to finalise the SME policy.

The meeting was held to engage agencies responsible for implementing the policy at the federal and provincial level and to discuss the framework of the SME policy.

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

Bakhtyar said the government would formulate the SME policy in accordance with Prime Minister Imran Khan’s vision to promote cross-sectoral small and medium scale industries to generate employments and enhance capacity of the export-oriented enterprises of the country. The forum was informed that the government would ease credit facilities and services for SMEs. It was told that a set of simplified laws would be promulgated in order to encourage the participation of SMEs in public procurements.

During interaction, the framework of SME portal and issuance of SME cards was also discussed in detail.

In concluding remarks, the Minister reaffirmed that the Ministry of Industries and Production would formulate the national SME policy with a detailed action plan to augment growth of SMEs across the country. Secretary Industries and Production Jawwad Raffique Malik along with senior officials of the ministry, Punjab Finance Minister Makhdum Hashim Jawan Bakht, chief secretary Punjab, State Bank of Pakistan deputy governor, PITB CEO, SMEDA CEO Hashim Raza, and relevant secretary industries, and representative of Board of Investment participated in the NCC meeting.