Daily Times

Convener Pakistan Federation of Commerce and Industry regional committee on food, Shahid Imran, Sunday said that government can stimulate entrepreneurship and industrialization, leading to robust economic growth by providing comprehensive support and patronage to SMEs across the country.

Talking to a delegation of small and medium enterprises (SMEs) entrepreneurs, led by Mian Zahid Iqbal, former vice president FPCCI, here on Sunday, he said SMEs need to be viewed not just as businesses but as drivers of Pakistan’s economic future.

He said to fully unlock the economic potential of SMEs, the government must prioritize not just financial support but also long-term patronage. This includes designing targeted programs to enhance financial literacy, offering training workshops, and establishing SME-specific advisory centers across the country. Incentivizing banks and financial institutions to create SME-friendly financial products is equally critical. Additionally, policies that integrate digital financial tools and technology can help SMEs better manage their finances, he added. He said that SMEs in Pakistan form the backbone of the economy, contributing over 40 percent to GDP and employing a significant portion of the labor force. However, a persistent challenge undermining their potential is a lack of financial literacy and access to advisory support. He said many SME owners struggle with financial planning, budgeting, and navigating formal banking systems. This results in limited access to credit, inefficient use of resources, and missed opportunities for growth.