SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik on Wednesday called for the establishment of cluster-based centres of excellence for small and medium enterprises (SMEs) to promote innovation, digital integration and improved access to finance, saying the sector remained a key driver of economic growth and employment.
Iftikhar Malik calls for cluster-based SME centres to drive sustainable economic growth
LAHORE, Jul 15 (APP): SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik on Wednesday called for the establishment of cluster-based centres of excellence for small and medium enterprises (SMEs) to promote innovation, digital integration and improved access to finance, saying the sector remained a key driver of economic growth and employment. In a statement, he said SMEs contributed around 40 percent to the gross domestic product (GDP) in developing economies and nearly 70 per cent in developed countries, underscoring their pivotal role in economic progress and regional integration. He said Pakistan’s SMEs, particularly in the textile, surgical instruments, information technology, light engineering, agro-based products and food processing sectors, had earned global recognition for quality and competence but required greater institutional support to enhance their international competitiveness. He said SMEs not only played a vital role in accelerating economic growth but also generated large-scale employment opportunities and made a significant contribution to poverty alleviation.
He expressed optimism that the D-8 SME Cooperation Framework would strengthen the internationalisation of SMEs, facilitate their integration into global value chains and support access to international markets.
He urged the government to accord top priority to developing, promoting and strengthening the SME sector, describing it as a vital engine for sustainable economic development, enhanced competitiveness and industrial transformation.
