Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, introduced the Prime Minister’s SME Development Vision during a media talk at the Small and Medium Enterprises Development Authority (SMEDA) office today, ahead of the SMEDA Board of Directors’ meeting.
He was accompanied by Federal Secretary for Industries and Production, Saif Anjum, and SMEDA's Chief Executive Officer, Suqrat Aman Rana.
Haroon Akhtar Khan stated that the Prime Minister considers the SME sector as the key to economic development and aims for Pakistani SMEs to compete with their counterparts in global markets.
To achieve this goal, global SME experts are being hired due to their international experience, which will allow them to implement world-class development initiatives for Pakistani SMEs.
He further mentioned that a plan in this regard will be finalized in today’s SMEDA Board meeting.
He emphasized that, in line with the Prime Minister’s vision, the Ministry of Industries and Production, through SMEDA, is taking special measures for the development of youth, women, and informal SMEs.
These measures include facilitating financing, providing training, preparing business feasibility studies, offering easy access to finance, and providing tax incentives.
These practical steps will be visible in the upcoming budget.
Haroon Akhtar Khan also informed that, following the Prime Minister's directive, the definition of SMEs has now been expanded to include micro-enterprises.
As a result, businesses with an annual turnover of less than 30 million rupees will now be able to benefit from the privileges and facilities available to SMEs.
He pointed out that millions of small businesses are currently operating within households across Pakistan but remain hidden from the formal economy and are unregistered.
These businesses are neither growing themselves nor contributing to national development.
He assured that the government will soon offer incentives to bring these informal businesses into the formal economy.
In response to a question about cryptocurrency, Haroon Akhtar Khan stated that a prominent global crypto expert has been hired, and a formal policy regarding cryptocurrency will be introduced soon.
He added that Pakistan's youth has found excellent opportunities in the IT sector, and the government is working to expand technical institutions to equip young people with modern technical skills.
This will increase Pakistan’s skilled labor force and enable the country’s SME sector to provide globally competitive products in export markets.
