Prime Minister Shehbaz Sharif on Monday directed relevant authorities to double financing for small and medium-sized enterprises (SMEs) from Rs1.1 trillion to Rs2.2 trillion by 2028, highlighting the sector’s potential to drive economic growth and generate business opportunities across the country.
Chairing a meeting on the Small and Medium Enterprises Development Authority (SMEDA), the prime minister said the business community was a key pillar of the national economy and that Pakistan’s SME sector had significant potential to accelerate economic development.
According to a statement issued by the Prime Minister’s Office, Shehbaz said ongoing reforms at SMEDA were aimed at empowering entrepreneurs and facilitating the establishment and expansion of businesses.
He stressed the importance of creating economic opportunities in underdeveloped areas, saying this would help curb migration to major cities and promote balanced development across the country.
The prime minister directed SMEDA to develop a comprehensive plan to educate aspiring entrepreneurs about the procedures for obtaining business loans and to launch effective awareness initiatives promoting entrepreneurship.
Shehbaz also instructed SMEDA to commission feasibility studies for establishing businesses in various sectors in consultation with relevant industry experts. He directed that the studies be made available in local languages to ensure aspiring entrepreneurs across the country could benefit from them.
During the meeting, officials briefed the prime minister on ongoing institutional reforms and initiatives to strengthen the SME sector.
The meeting was informed that SMEDA was being transformed into a central platform to provide training to aspiring entrepreneurs and facilitate their access to bank financing for setting up businesses.
To improve access to its services, SMEDA offices were being established across the country. The authority was also developing an artificial intelligence-based helpline to provide information and guidance to citizens in local languages.
Officials further informed the meeting that SMEDA had signed a memorandum of understanding with global e-commerce company Alibaba to train 10,000 SMEs over the next two years.
Reforms were also underway to improve the functionality and user-friendliness of SMEDA’s digital portal.
At a separate meeting, Prime Minister Shehbaz directed the relevant authorities to develop the Daanish IT Park in Islamabad into a world-class technology hub, supported by a modern information technology ecosystem and stronger collaboration between academia and industry.
He said the government would continue working to equip Pakistani youth with advanced skills in information technology, artificial intelligence and financial technology while creating new opportunities for IT entrepreneurs.
The prime minister instructed the Ministry of Information Technology to conduct a comprehensive case study of the project and directed officials to make the IT park operational in collaboration with international technology companies. He also ordered a third-party audit of the project.
The meeting was briefed on initiatives aimed at developing an ecosystem to increase IT exports and attract investment into the sector.
Officials said 50 privately owned buildings had been upgraded into software technology parks under the Pakistan Software Export Board.
Additionally, eight incubation centres had been established across the country to support start-ups, while 105 co-working spaces were operational to facilitate IT professionals.
Participants were also informed that international technology companies were being approached to help operationalise the Daanish IT Park in Islamabad.
