Lahore, July 18, 2018 (PPI-OT): The Small and Medium Enterprises Development Authority (SMEDA) is going to initiate the process for revising SME Policy 2007. It was disclosed by SMEDA’s Chief Executive Officer Mr. Sher Ayub Khan in a review meeting held here at SMEDA head office today. Ms. Nadia J. Seth, General Manager Policy and Planning, Mr. Fuad H. Hashim, General Manager Central Support, Mr. Sheharyar Tahir, Head, External Relations Directorate and a number of the other SME experts expressed their views on this occasion.
CEO SMEDA informed that the Federal Ministry of Industries and Production had notified a National Steering Committee consisting of public and private sector representatives for providing their input to develop the new SME Policy Framework. He said that the Policy Framework will bring fundamental reforms at SME level necessary to provide level playing field to local businesses. He further stated that all key SME stakeholders will be involved in the policy development exercise.
Rapidly changing economic environment requires policy and institutional focus that can make Pakistani SMEs competitive in international markets and fulfill the multiple agenda of employment creation, new enterprise development, increased exports and enhanced contribution to GDP, he added and hoped that the revised SME Policy framework will serve as the Government of Pakistan’s Master Plan for providing support to catalyze growth of the sector for the medium to long term development.
General Manager, Policy and Planning Division, Ms. Nadia J. Seth, stressed upon the need of innovation and research-based policy interventions across SME sector to enhance their productivity and competitiveness. Mr. Sheheryar Tahir, Head, External Relations Directorate, stated that technical support for policy development is being provided by USAID’s Small and Medium Enterprise Activity (SMEA). He highlighted the role of international development partners in shaping the policy through sharing international best practices and expertise through local and international consultants’ engagement.
GM-Central Support Mr. Fuad H. Hashim observed that in most countries, SMEs constitute more than 90% of all enterprises and significantly contribute towards economic growth, which contribute to development in multiple ways; creating employment for an expanding labor force, providing much needed flexibility and innovation in the economy, enhancing exports and contributing to increased value addition to GDP. But, such benefits have not been realized to their full potential in Pakistan, for various reasons, he said and underlined the need for a research-based SME policy.
It is notable that the First National SME Policy was approved by the Federal Cabinet in 2007 and the process for its revision is being started after eleven years. SMEDA envisages to conduct policy workshops all over Pakistan to frame the new SME policy as per the current needs of SME sector.
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