The development of small and medium enterprises (SMEs) is imperative for sustainable economic growth in the country and the government is working on a comprehensive policy for cross sectoral development of SMEs, particularly export-oriented businesses.
This was stated by Minister for Industries and Production Makhdum Khusro Bakhtyar while chairing a review meeting on the National Coordination Committee on SME Development on Thursday.
The minister highlighted that the government is focusing on enhancement of credit financing to tax filer SMEs as well as increasing credit limit to collateral asset owning enterprises for expansion of existing business. He said that the new policy would focus on the enlargement of the bandwidth of micro-financing and the venture investment for SMEs with help of international donors. The minister noted that the proposed SME policy would outline incentives for women-oriented businesses; thus reducing the gender gap in financial inclusion and mainstreaming the role of women in the economy. He said that the Ministry for Industries and Production would allot land to SMEs on rental lease model in SEZs. He called for a specialised lending scheme for the garment sector and IT enabled services within the purview of SME policy. The forum comprehensively deliberated upon the framework of proposed National SME policy. The chair was briefed about the prominent features entailing financial incentives (enhancing SMEs access to collateral-free lending); fiscal incentives (simplified taxation regime for SMEs), SME registration portal, formation of common facility centers & warehouses and guillotine/ regulatory simplification for SMEs countrywide. The minister directed relevant provincial departments and SMEDA to finalise the new SME policy according to the Prime Minister Imran Khan’s vision to promote cross-sectoral small business across the country.