ISLAMABAD:  Prime Minister Muhammad Shehbaz Sharif chaired a meeting on matters related to the Small and Medium Enterprises Development Authority (SMEDA), emphasizing the crucial role of SMEs in Pakistan’s economy.

He said the small and medium enterprises act as the back bone of the country’s economy.

Expressing dismay over the non-functioning of the SMEDA Board, the prime minister directed its immediate constitution, stressing that boards of all institutions vital for the country’s economy, should be established without delay.

Additionally, the he called for promoting sub-contracting in industries and taking all possible measures to integrate Pakistani industries into the global supply chain.

The prime minister also ordered to take necessary steps to ensure appointment of the SMEDA’s Chief Executive Officer.

Additionally, he also directed to include the people from the private sector in the steering committee.

During the briefing, the prime minister was informed that for the first time, SMEDA Development Fund had been launched for which an amount of Rs 30 billion had been allocated for 6 years. Out of the total, Rs 5 billion have already been provided for the year 2024-25, the meeting was told.

It was informed in the meeting that, there were currently 5.2 million small and medium enterprises in Pakistan, which account for 40 percent of the country’s GDP whereas 31% of country’s exports depend on the SMEs.

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Apart from non-agricultural employment, SME sector provides 72% of employment while some Rs 491 billion have been provided in the form of bank credit for the SME sector so far, but the bank credit for the SME sector needs to be taken up to Rs 800 billion, the meeting was told.