ISLAMABAD, Nov 10 (APP): Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar on Wednesday said the government was taking actionable and challenging steps to develop Small and Medium Enterprises (SMEs), which would grow small and medium enterprises in the country.
The new SME policy would be finalized after extensive consultation with the major stakeholders of the business community, taking into account all the new aspects, he said.
He said this while addressing the meeting with Presidents of different Chambers of Commerce and Industries (CCI) along with Adviser to Commerce and Investment, Abdul Razak Dawood here. The Minister said according to the Prime Minister’s vision, inclusive economic growth in the country was not possible without growth in the SME sector.
The government was currently focusing on the growth of the SME sector, which would increase business and employment opportunities in the country, he said.
He added that “we have also taken microfinance banks on board to solve the financial problems of the SME sector and for easy loans. Khusro said now banks would lend to them keeping in view their risk factors, collateral damage and other factors.
While addressing the forum, Adviser Commerce Abdul Razaq Dawood said the government was making positive changes in the new SME policy for the growth of SME sector in the country. This would promote small scale industries in the country “We have already reduced duties on industrial raw materials by 50 per cent,” he said.
The Advisor said in the coming two budgets, industrial raw material duties would be reduced by up to 70 percent. He said the current government had reduced duties on raw materials but not on finishing goods. Razak Dawood said the government also opted for tariff rationalization and duties mainly reduced on textiles and Pharmaceutical sector.
Now the government would also consult with the business community for more tariff rationalization to the SME Sector.
Meanwhile, Chief Operating Officer (CEO) Small and Medium Enterprise Development Authority (SMEDA) Hashim Raza said under the new SME policy the government would create facilities for the sector. He said land equitation and access to credit and tax simplification were also major benefits from upcoming SMEs policy.