ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin said that revitalisation and strengthening of the Small and Medium Enterprises Development Authority (Smeda) and the SME Bank is essential to achieve the targets of the SME policy.

Tarin chaired a meeting on revitalising Smeda at the Finance Division on Thursday. Highlighting the vision of the prime minister to revitalise the SMEs for the economic and social development of Pakistan, he said the SMEs are the backbone of the economy.

Tarin also stressed that Smeda needs to be financially and administratively autonomous with a greater private sector role and must consider investments in offering credit guarantees, venture capital, setting up SME subcontracting houses and the SME Special Economic Zones through the Rs30 billion SME Fund committed for the authority.

Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar said that the recently announced SME Policy is a key government initiative for sustainable and inclusive economic growth and Smeda, being the only federal government organisation for the SME development, needs to be further strengthened for growth of this sector.

He proposed larger participation of the private sector in Smeda, adding that the Ministry of Industries and Production will move swiftly to propose necessary amendments in the Smeda Ordinance 2002.

The Smeda CEO gave a presentation on the organisation’s functions and performance and briefed the adviser on finance and industries minister on the challenges and way forward for further enhancing the Smeda’s performance.

Senior officials of relevant ministries and Smeda also attended the meeting.

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