LAHORE: The Small and Medium Enterprises Development Authority (Smeda) has evolved a 10-year Cluster-Based Development Plan for growth of SME sector.
Dr Fakhar-e-Alam Irfan, Federal Secretary Industries and Production unveiled the plan at ceremony arranged by the Smeda to revel International Micro, Small and Medium Enterprises (MSME) Day.
Socrat Aman Rana, Chief Executive Officer of Smeda, Nadia Jehangir Seth, GM-Policy & Planning and Raja Hassanien Javed, GM-Outreach division of Smeda also addressed the ceremony.
Federal Secretary, while launching the plan, said, our nation’s economic landscape thrives on the dynamism of Small and Medium Enterprises (SMEs), which play a pivotal role in driving growth, innovation, and job creation.
He noted that this plan for SMEs, include five sectors including Fruits & Vegetable Processing, E-bike, Pharmaceutical, Sea Foods, and Marble & Granite. These studies, on these sectors, are a result of the collaboration between the Small and Medium Enterprises Development Authority (Smeda) and the Ministry of Planning, Development, and Special Initiatives, guided by the consultation with private sector.
The plan has been meticulously charted based on the selected sector’s potential for growth of exports and employments that also aligns with our Strategic Trade Policy Framework (STPF) for 2020-25, he said, adding: “The given facilitative cluster-based development plan is the key to unlocking the tremendous potential within our SMEs, propelling us towards a path of lasting prosperity.”
He hoped that the recommendations put forth in the reports are all pertinent and their implementation will definitely shape a better future of our SME sector. To achieve all of this, he called for collaboration between the government, businesses and citizens through regular consultations, feedback mechanism. He hoped that the visionary roadmap crafted by Smeda would enhance exports, employments in the country.
Earlier, CEO Socrat Aman Rana explained Smeda’s role in economic development of the country and highlighted the potential of five selected clusters in the plan. He disclosed that the Potato cluster can generate $339 million by value addition and the Marble & Granite cluster can achieve an annual value-addition of $48 million.
The Seafood cluster’s exports of $456 million can multiply manifold, the E-Bike cluster can surpass its current installed capacity of 1.3 million units, and the Pharmaceuticals sector can become a globally preferred market, surpassing its FY22 exports of $268.94 million, he added and acknowledged government support for Smeda’s development initiatives including the establishment of a Rs 30 billion SME Fund, the development of SME Credit Rating Systems to improve access to finance, and a robust National Women Entrepreneurship Policy to economically empower women and youth.
Copyright Business Recorder, 2024
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