LAHORE: The Small and Medium Enterprises (SMEs) are the backbone of the economy; SMEs have to be promoted to eliminate the gap in export and imports. The increase in exports will improve the current economic situation.
These views were expressed by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh and Regional Chairman Muhammad Nadeem Qureshi while addressing the members of the FPCCI regional standing committee on Thursday, here at FPCCI Regional Office Lahore.
They said the government should take concrete steps to increase exports and develop information technology and other sectors. The SMEs sector will have to be provided with facilities. If small industries develop, Pakistan will develop.
Muhammad Nadeem Qureshi said that non-traditional products and new markets would have to be found to increase exports and Industries should be promoted for import substitution.
He also identified SMEs as the main source of reducing poverty and expanding the national economy and job creation. However, certain regulations or interventions are still required to boost this sector.
Nadeem urged the government to make water reservoirs for the betterment of agriculture in the country. There is the country’s most severe water crisis due to which rice and cotton crops have not been fully cultivated. He said that the cost of doing business was increasing due to the high energy prices and our products being out of competition in the international market.
The participants also discussed the role of government academia and financial support for the SME sector, linkages of development, entrepreneurship as a subject in Education and the establishment of home-based industries.
The business community pointed out hurdles in registering and conducting business documentation required for business registration.
Copyright Business Recorder, 2022