Daily Times

Prime Minister Mian Muhammad Shehbaz Sharif has reiterated the government’s commitment to supporting small and medium enterprises, describing them as the backbone of the country’s economy.

PM Shehbaz Sharif was presiding over a meeting held in Lahore on Saturday, to enhance the growth of small and medium businesses, as well as discussing the initiatives of the Small and Medium Enterprises Development Authority.

During the meeting, the Prime Minister emphasized the need to take decisive steps to integrate Pakistani industries into the global supply chain. He urged the Federation and all provinces to work together for the development of small and medium enterprises.

Earlier, the prime Minister was briefed that the board of SMEDA has been formed and the meeting of the Board of Directors is being held regularly.

The Prime Minister was told that the process of hiring international experts for the development of the SME sector in the country has also been initiated.

According to the briefing, the State Bank of Pakistan has instructed banks to simplify their forms to make loan provision to SMEs more accessible.

Additionally, the Federal Ministry of Industry and Production has enhanced communication with provincial governments regarding the development of the SME sector and the SMEs’ data is being collected from across the country.

The Prime Minster was told that the governments of Sindh and Balochistan have also prepared a comprehensive action plan for SMEs, while the governments of Punjab, Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Jammu and Kashmir are working on their strategies.