‘New SME Policy’ to promote cross-sectoral, small enterprises: Khusro

APP92-211021 ISLAMABAD: October 21 - Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar chairing 8th meeting of NCC on SME Development in virtual format. APP

ISLAMABAD, Oct 21 (APP): Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar Thursday said the upcoming Small and Medium Enterprises (SME) policy would promote cross-sectoral small and medium scale industries and generate employments.

He said government would formulate SME policy in accordance with the Prime Minister Imran Khan’s vision to promote cross-sectoral small and medium scale industries to generate employments and enhancing capacity of export-oriented enterprises of the country, said a press release issued here.

In order to finalize SME policy, the meeting of National Coordination Committee on SME Development was held in virtual format.

Secretary Industries and Production, Jawwad Raffique Malik along with senior officials of Ministry, Finance Minister Punjab, Makhdum Hashim Jawan Bakht, Cheif Secretary Punjab, Deputy Governor State Bank of Pakistan, CEO PITB, CEO SMEDA, Hashim Raza, relevant secretary industries, and representative of BoI participated in the meeting.  

The forum was apprised that government would ease credit facilities and services for SMEs.

It was told that a set of simplified laws would be promulgated in order to encourage SMEs’ participation in public procurements. 

During interaction, the framework of SME portal and issuance of SME cards was also discussed in detail. 

In concluding remarks, the minister reaffirmed that the Ministry of Industries and Production would formulate national SME policy with a detailed action plan to augment growth of SME across the country. 

Prior to NCC meeting, the minister also held a virtual interactive session with representatives of micro-financing banks to discuss the policy framework of SME policy. 

The purpose of the NCC meeting was to engage implementary agencies at federal as well as Provincial level for lining up action plan for upcoming SME policy. 

The meeting also discussed the progress on the national SME policy in purview of financial incentives, taxation systems and regulatory simplification for SMEs of the country.