Prime Minister Muhammad Shehbaz Sharif has said that small and medium enterprises (SMEs) in Pakistan have immense potential to boost the national economy.
Chairing a meeting regarding the Small and Medium Enterprises Development Authority (SMEDA) in Islamabad today, he said the business community is the backbone of any country’s economy.
The prime minister directed SMEDA to increase the total volume of loans for SMEs from 1.1 trillion rupees to 2.2 trillion rupees by 2028.
He said the ongoing reforms within SMEDA are centred on empowering small and medium-sized business owners.
The prime minister said empowering people in underdeveloped areas will reduce migration from these regions to major cities and foster the country’s overall development.
He added that providing people in underdeveloped areas with opportunities to establish businesses in various sectors will prove beneficial for the progress and prosperity of those regions.
He directed SMEDA to formulate a comprehensive strategy to inform the maximum number of people about the procedures for obtaining business loans and take effective measures to raise public awareness regarding the promotion of entrepreneurial activities.
He further directed that feasibility studies for establishing SMEs in various sectors be prepared by subject-matter experts and made available in local languages so that aspiring entrepreneurs across the country could fully benefit from them.
During the meeting, the prime minister was briefed on the ongoing reforms within SMEDA and the measures being taken to promote small and medium-sized enterprises.
The briefing highlighted that an Artificial Intelligence (AI)-based helpline is being set up to provide information and guidance in local languages.
