Prime Minister’s Special Assistant, Mr. Haroon Akhtar Khan, held a high-level meeting to discuss the restructuring of the Small and Medium Enterprises Development Authority (SMEDA) with a focus on increasing the role of the private sector and improving the overall business environment in Pakistan. The meeting emphasized the need to minimize public sector intervention in SMEDA operations, aiming to promote a more dynamic and independent role for private stakeholders in driving SME growth. A foundational agreement was reached on enhancing the contribution of the private sector to SME development. Participants agreed on the importance of reducing government control while establishing a sustainable support mechanism for SMEDA to ensure long-term viability. Strategic consultations with the State Bank of Pakistan were also discussed, particularly regarding the resolution of persistent SME financing challenges. The development of a practical and result-oriented SME financing strategy was a key point of discussion. A new operational model for SMEDA is currently under development, backed by a comprehensive five-year strategic framework. This model seeks to align SMEDA’s functions with market needs and improve its effectiveness in facilitating SME growth. It was agreed that greater private sector involvement and a redefined structural approach will enhance SMEDA’s ability to support small and medium enterprises across the country. The proposed changes are expected to significantly improve the business climate and create new opportunities for entrepreneurship and innovation.
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