SME sector has huge potential in generating employment and alleviating poverty but unfortunately there was not any well defined programme available for the establishment and development of these SMEs. Lahore Chamber of Commerce and Industry (LCCI) Acting President Mian Tariq Misbah expressed these views while talking to a two-member World Bank team led by Andrew Proctor.
He said that the dream of Pakistan's economic development could not come true until SMEs were not developed on modern lines because this sector holds the key for attaining and maintaining the pace of economic activities. He said that co-operation of the World Bank in this regard was significant. He also said that approximately, 3.2 million SMEs were functioning in Pakistan. SME sector contributes 30 percent in the GDP, employs more than 70 percent of the non-agricultural workforce and generates 25 percent in export earnings.
He said the development of SME sector in any country plays an integral role in its economic development and prosperity. The World Bank can play a significant role in developing the SME sector of Pakistan, he added.
He said that to address the problems of this important sector, government, with the help of the World Bank, must arrange financing at affordable mark up, land at concession, uninterrupted supply of raw material and sufficient energy. Tariq Misbah said that concrete steps should be taken to address the finance related requirement of SMEs. The monetary policies of the State Bank of Pakistan (SBP) must go in favour of SMEs.
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