ISLAMABAD, (TDI): Prime Minister Shehbaz Sharif reiterated on Saturday that Pakistan’s small and medium enterprises (SMEs) are the cornerstone of the national economy, urging for measures to integrate them into the global supply chain.
His remarks came during a meeting to assess the state of the SME sector, according to a statement from his office.
Pakistan has been grappling with a prolonged economic crisis, marked by a challenging balance of payments situation, dwindling foreign currency reserves, and a depreciating national currency.
Amid these struggles, the government has been focused on attracting foreign investment, but Sharif acknowledged that foreign capital will remain limited unless domestic investment is bolstered first.
Also Read: PM Hopeful of Achieving Economic Targets in 6 Months
“Small and medium enterprises are the backbone of the economy,” Sharif said. “We need comprehensive measures to integrate Pakistani industries into the global supply chain.”
The Prime Minister was briefed on the progress of the Small and Medium Enterprise Development Authority (SMEDA), which has recently constituted its board of directors and started holding regular meetings.
Additionally, the hiring process for international experts to help develop the SME sector has begun.
Also Read: US Vows to Support Pakistan’s Economic Growth
In a step toward improving access to finance for SMEs, the State Bank of Pakistan has directed banks to simplify loan application processes for small businesses.
The meeting also highlighted ongoing efforts to collect data on SMEs nationwide, aimed at informing better decision-making for the sector’s development.
