Federal Minister for Industries and Production, Rana Tanveer Hussain chaired a meeting at Ministry of Industries and Production today.

Islamabad: Federal Minister for Industries and Production, Rana Tanveer Hussain chaired a meeting at Ministry of Industries and Production today. The Chief Executive Officer, Small and Medium Enterprises Development Authority (SMEDA) gave detailed briefing to the Federal Minister on working of SMEDA.

The CEO informed that with the support and guidance of the Ministry of Industries and Production (MoIP), SMEDA has developed a National SME Policy 2021 along with its action plan that provides a comprehensive roadmap for the development and promotion of SMEs across Pakistan. Recognizing the pivotal role of women in economic activities, the SME Policy features a dedicated section on women entrepreneurship development, and in line with the National SME Policy 2021, MoIP has also constituted and notified a Consultative Group on Supporting Women-owned SMEs.

The Federal Minister shared that Small and Medium Enterprises (SMEs) play a crucial role in the economy of any country, contributing significantly to employment generation, economic growth, innovation, and social stability. SMEs are essential drivers of economic development, job creation, innovation, and social progress. The Small Medium Enterprises have momentous role in economic development of the country. Small businesses can play a key role in shaping the national growth strategy.

Rana Tanveer Hussain stated that the development and progress of Small Medium Enterprises are top priority of the current government. Government will facilitate and incentivize SMEs to achieve optimal economic growth in the country. -SMEDA should focus on Human Resource development for efficient working and target achievements. Women Entrepreneurship development shall be focused to better utilize women workforce in the economic development of the country.

The Federal Minister stressed that improving small and medium enterprises (SMEs) in Pakistan requires a comprehensive approach addressing various aspects ranging from regulatory frameworks to access to finance and technology. The Federal Government will immediately take all necessary steps to facilitate SMEs for economic uplift of the people. We shall implement structural reforms such as streamlining regulations and taxes for small and medium-sized enterprises (SMEs) to promote growth and job creation.