Islamabad, 24 August 2024 (TDI): A meeting was held related to the Small and Medium Enterprises Development Authority (SMEDA). Prime Minister Shahbaz Sharif highlighted the urgent need for the immediate constitution of boards for institutions to play a crucial role in the country’s economy. The Prime Minister stressed deciding to amalgamate Pakistani Industries into the Global Supply Chain, mentioned the importance of Small and Medium Enterprises in the economy, and fostered competitiveness in international markets.
An Urgent Plea for Action
PM Shahbaz Sharif raised concerns regarding the delay in constituting the board while saying these formations of boards will ensure effective governance, successful implementation of policies, strategic planning, and goal to boost SMEs. Institutions like SMEDA are the backbone of our economy when it comes to authorizing our Small and Medium Enterprises. He added, “It is an urgent requirement of the country as delay can’t be tolerated in the formation of boards.”
SMEs: The Backbone of the Economy
The PM’s stress on SMEs ponders the clear and loud vision of the government to boost sustainable economic development by facilitating small and medium enterprises. SMEs contribute a large portion to Pakistan’s Industrial output and employment, making it a paramount component of the national economy. This will help to create jobs, eliminate poverty, and improve innovation. The constitution of boards will lend a hand in providing policy advice, access to finance, business development services, and leadership and governance structure to maneuver the SME sector ahead.
وزیرِاعظم محمد شہباز شریف کی زیرِ صدارت سمال اینڈ میڈیم اینٹرپرائزز ڈویلپمنٹ اتھارٹی (سمیڈا) سے متعلق اجلاس
ایسے تمام ادارے جو ملکی معیشت کے لئے انتہائی اہم ہیں ان کے بورڈز کی تشکیل فوری طور پر کی جائے۔ پاکستانی صنعتوں کو گلوبل سپلائی چین کا حصہ بنانے کے حوالے سے بھرپور اقدامات… pic.twitter.com/Ju0Ri1d5ev
— Government of Pakistan (@GovtofPakistan) August 23, 2024
Enhance Pakistan’s position in the Global Supply Chain
Although, Prime Minister Shahbaz Sharif highlighted to make decisive steps for Pakistani Industries to be the part of the global supply chain. Pakistani Industries need to enhance product quality, grow competitiveness, and foster export potential on the international stage. “Industries should not only meet the domestic market but also make a position in the global supply chain. To bring advancement, we need international practices, build partnerships, and invest in technology.” PM stated.
Challenges & Opportunities
Additionally, he admitted the challenges faced by SMEs in Pakistan such as the lack of infrastructure, access to finance, and the need to work on a regular framework. He also stressed the opportunities that exist in the economy, especially manufacturing, services, and agriculture. The Prime Minister and his government are ready to resolve those challenges and are committed to producing a conducive environment for SME development.
The meeting conducted by Prime Minister Shahbaz Sharif had a significant impact on the government’s efforts to uphold the SME sector and incorporate Pakistani Industries into the global supply chain. The PM directed to form the constitution of boards, make decisions to foster competitiveness, and ensure the long-term success of small and medium enterprises. PM’s vision and leadership will be instrumental in supporting the efforts and achieving its full potential in the global markets.
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