Minister expresses satisfaction on implementation of SME policy

LAHORE: Rana Tanveer Hussain, Federal Minister Industries and Production chaired the 12th Meeting of National Coordination Committee on SME Development today here at SMEDA Head Office.

Federal Secretary Industries and Production Saif Anjum and Joint Secretary MOIP Nisar Ahmad Phularwan accompanied the Minister in this meeting. CEO SMEDA Socrat Aman Rana gave a presentation to update the implementation process of the SME Policy 2021 & Action Plan on this occasion. A large number of senior officials from provincial and federal departments including SBP, FBR, TDAP, PIDC and SECP participated in the meeting.

Rana Tanveer Hussain, while addressing the meeting, expressed satisfaction on the implementation process of the SME Policy and appreciated SMEDA’s active coordination with provincial working groups to expedite the formulation of implementation strategies in all provinces and administrative units. He said that SME sector is the back-bone of economy that is why the Federal Government is spearheading SME development to create a conducive business environment for SMEs, enabling them to address the prevailing challenges.

He said that the Prime Minister of Pakistan had established a Steering Committee on SMEs for monitoring & tracking SME development in the country. The Committee has been entrusted to oversee initiatives and ensure the implementation of the National SME Policy. The decisions made in NCC meetings are critical for SME development in Pakistan, and all relevant departments have been advised to make every effort to implement these decisions with full commitment and adherence, he said.

He said the SME Census is crucial for informed policy-making and advised the Pakistan Bureau of Statistics (PBS) to actively prioritize and expedite the process of conducting a national-level SME Census. He said, the Prime Minister is keen to improving access to finance for SMEs and under his direction the State Bank of Pakistan has proposed to re-define SMEs by increasing threshold of SMEs. However, he urged the SBP to simplify the loan application farms for ease of SMEs. He emphasized to simplify the cumbersome regulatory procedures at both the federal and provincial levels to foster a conducive business environment for SMEs, as suggested in the SME Policy.

Later, Rana Tanveer Hussain chaired meeting of the Consultative Group on the National Women Entrepreneurship Policy and Action Plan. CEO SMEDA Socrat Aman Rana gave an exclusive presentation in this regard.

Referring to the draft National Women Entrepreneurship Policy, the Minister said, Women entrepreneurship plays a vital role in promoting gender equality, reducing poverty, and driving economic growth. They are 48.20% of Pakistan’s population, yet only 19% are part of the labor force, he added. After review of Policy, the Minister advised to get final comments from the stakeholders on this policy within a week so that the policy may be submitted for approval of Cabinet at earliest possible.

Copyright Business Recorder, 2024