The Lahore Chamber of Commerce and Industry on Wednesday strongly reacted to the SME Bank privatization plan and urged the government to shun the idea for the sake of small and medium enterprises. LCCI President Abdul Basit in a statement said that privatization of SME Bank is an illogical decision that has been taken without taking stakeholders on board.
The SME Bank is supporting and developing the SME sector by providing necessary financial and technical assistance on a sustainable basis. The bank is also enabling the SMEs to contribute to economic development through value addition and exports, which is also promoting entrepreneurship and creating employment opportunities, he added.
The LCCI president said in the present scenario when SME Bank is fulfilling its responsibilities in a good manner, it privatization is incomprehensible. He said instead of selling it off, the government should shift its focus to the SME sector of Pakistan as these are considered the engine of economic growth in both developed and developing countries. The SMEs are providing employment to the millions of people besides playing a significant role for economic uplift of the country, he added. "Selling-off of SME Bank is not a good option as its buyer would think only about profiteering, not about the SME sector of Pakistan, therefore, the government should shelve the plan of its selling and think about the SME sector," he added.-PR
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