ISLAMABAD: Prime Minister Shehbaz Sharif has asked the authorities to double financing for small and medium businesses (SMEs). The goal is Rs 2.2 trillion by 2028, up from Rs 1.1 trillion now. The Prime Minister’s Office shared the details after a meeting on SMEDA on Monday, October 12.
SMEDA is the Small and Medium Enterprises Development Authority.
What the PM said
The PM said the business community is the backbone of any country’s economy. He said Pakistan’s SME sector can speed up economic growth.
He said reforms at SMEDA aim to help small entrepreneurs start and grow their businesses. He also said people in less developed areas need support. This, he said, would reduce migration to big cities.
What he told SMEDA to do
The PM gave two main orders.
- First, SMEDA must prepare a full plan to teach more people how to get a business loan. It must also raise awareness about starting a business.
- Second, SMEDA must commission feasibility studies for setting up SMEs in different sectors. Industry experts will help prepare them. The studies must be available in local languages.
