New SME Policy to promote cross-sectoral, small enterprises: minister

ISLAMABAD: The upcoming Small and Medium Enterprises (SME) Policy would promote cross-sectoral small and medium scale industries and generate employment, a senior government official said.

The government would formulate the SME Policy in accordance with Prime Minister Imran Khan’s vision to promote cross-sectoral small and medium scale industries and to generate employment and enhancing capacity of export-oriented enterprises of the country, a statement quoted Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar, as saying.

To finalise the SME Policy, the meeting of the National Coordination Committee on SME Development was held virtually.

Industries and Production secretary Jawwad Raffique Malik along with senior officials of the ministry, Punjab Finance Minister Makhdoom Hashim Jawan Bakht, Punjab chief secretary, State Bank of Pakistan deputy governor, PITB CEO, Smeda CEO, Hashim Raza, relevant industries secretary, and representative of the Board of Investment participated in the meeting.

The forum was apprised that the government would ease credit facilities and services for the SMEs. It was told that a set of simplified laws would be promulgated to encourage SMEs’ participation in public procurements.

During interaction, the framework of the SME portal and issuance of the SME cards was also discussed in detail.

The minister reaffirmed that the Ministry of Industries and Production would formulate the national SME Policy with a detailed action plan to augment growth of SMEs across the country.

Prior to the NCC meeting, the minister also held a virtual interactive session with the representatives of micro-financing banks to discuss the policy framework of the SME Policy.

The purpose of the NCC meeting was to engage implementary agencies at the federal, as well as provincial levels for lining up an action plan for the upcoming SME Policy.

The meeting also discussed the progress on the national SME Policy in purview of financial incentives, taxation systems and regulatory simplification for the SMEs of the country.