FAISALABAD: SME (Small & Medium Entrepreneurs) sector is a real growth engine for the national economy and the government must ensure proper representation of it in policy making with clear directives to the commercial banks to focus on SME and help them to play their pivotal role in enhancing national exports.
Addressing a SME Clinic organized by the All Pakistan Bed-sheets & Upholstery Manufacturers Association (APBUMA) in collaboration with the State Bank of Pakistan (SBP), Arif Ehsan Malik Central Chairman APBUMA said that the global economy has contracted due to COVID-19 and still the vulnerable economies are facing its ill impacts.
He said that despite this negative situation, new opportunities have also been propped up for the transformation of economies on modern scientific lines by switching over to the new digital tools of e-commerce etc.
He said that the major problem confronted by the SME sector is liquidity crunch and commercial banks must give priority to this segment so that they could exploit their inherent capabilities and enhance their production in addition to improving the quality of their products to ensure their acceptability in global markets.
Chief Manager SBP Sarfraz Ahmad Nadeem explained in detail various schemes introduced to facilitate the SME sector. He said that the focus of the SBP is on youth and women, particularly young startups so that they could materialize their innovative ideas into reality in order to revolutionize the economy.
He said that SBP has issued clear directives to the commercial banks to extend liberal collateral free loans to the SMEs. “If they have any complaint, they must bring it into the notice of SBP so that it could be addressed on top priority basis”, he added.
Copyright Business Recorder, 2021
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