Adviser to the Prime Minister for Industries and Production, Haroon Akhtar Khan, held a consultative session with representatives of Small and Medium Enterprises (SMEs), business clusters, banks, the State Bank of Pakistan, and relevant government departments to address challenges faced by businesses in accessing affordable and timely financing.
During the session, representatives of various SME clusters highlighted the financial constraints and procedural hurdles affecting their businesses, including difficulties in obtaining credit and accessing suitable financing facilities to expand operations, meet working capital requirements, and capitalise on business opportunities.
Haroon Akhtar Khan listened to the concerns raised by the participants and emphasised the need for banks and the State Bank of Pakistan to give due consideration to the issues faced by SME clusters and ensure effective follow-up and accountability in addressing them.
The Adviser stated that Prime Minister Muhammad Shehbaz Sharif had directed that financing for SMEs be doubled, underscoring the government's commitment to expanding access to finance and strengthening the role of small and medium enterprises in the national economy.
He stressed that banks must make concerted efforts to simplify lending procedures, improve coordination with business clusters, and facilitate eligible enterprises in obtaining financing. He emphasised that the benefits of financial support must reach businesses at the grassroots level and translate into tangible improvements in production, investment, and employment.
The Adviser highlighted that SMEs are a vital pillar of Pakistan's economy, contributing significantly to GDP, exports, and non-agricultural employment. He observed that limited access to finance remains a major constraint on the growth potential of many otherwise viable businesses.
Haroon Akhtar Khan emphasised that the objective of the consultations was to bridge the gap between financial institutions and businesses by identifying practical obstacles and developing workable solutions. He called for stronger coordination among banks, the State Bank of Pakistan, relevant government departments, and SME representatives to ensure that financing facilities respond to the actual needs of different business clusters.
He further underlined that improved access to finance would enable SMEs to expand their operations, upgrade machinery, purchase raw materials, fulfil larger orders, create employment opportunities, and contribute to export growth.
The Adviser reiterated that the government's focus was on achieving measurable outcomes rather than limiting efforts to policy commitments. He stressed that financial institutions must play a proactive role in facilitating productive enterprises and supporting sustainable economic growth.
The consultative session formed part of the Ministry of Industries and Production's efforts to strengthen engagement between SME clusters and financial institutions and address barriers to financing through direct consultation and coordinated action.
The Ministry will continue to work with relevant stakeholders to promote an enabling environment for SMEs, improve access to financial resources, and support entrepreneurship, industrial development, and employment generation across the country.
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