The Karachi Chamber of Commerce & Industry (KCCI) has signed a memorandum of cooperation with UK-based Commonwealth Entrepreneurs Club (CEC) to promote SMEs and enhance their role in economic development. The memorandum was inked by Chairman & Co-Founder of CEC Mobin Rafiq and President KCCI Muhammad Idrees during a meeting held at KCCI, said a statement issued on Wednesday. The key objective of the memorandum is to work for building partnerships of Pakistani SMEs with the SMEs of commonwealth countries for business collaborations and technology transfer to Pakistan. Both sides will work to develop proposals for the enhanced role of SMEs and give suggestions to the government for policy reforms. They will also work for increasing Pakistan’s exports, and attractive FDI to the country. Speaking on the occasion, Chairman CEC Mobin Rafiq, while highlighting the activities and achievements of Commonwealth Entrepreneurs Club, stated that he is also planning to initiate global sustainable projects aimed at inclusivity and empowering marginalized communities with skills and enabling them with the power of SMEs to create jobs and end poverty. He said he wants to realise these goals by connecting more than 5,000 highly successful entrepreneurs from across 54 commonwealth nations to open up new markets, facilitate trade and enhance regional connectivity. He hoped that the cooperation of KCCI with CEC would yield beneficial outcomes for SMEs in Pakistan. President KCCI Muhammad Idrees, in his remarks, said that the memorandum of cooperation between KCCI and CEC is a major milestone which would certainly promote business activities and trade cooperation amongst entrepreneurs from commonwealth countries. He stressed that the members of Commonwealth Entrepreneurs Club must explore investment opportunities available in Karachi and look into the possibility of undertaking joint ventures in this city particularly in the IT, aquamarine, textiles, construction and other sectors. “Pakistan’s investment policy is liberal wherein there was no restriction on repatriation of profits and capital”, he added. He hoped that the cooperation between the KCCI and CEC would contribute to strengthening the SME sector in Pakistan.