ISLAMABAD: Prime Minister Shahbaz Sharif has directed to take immediate steps to conduct a comprehensive survey of small and medium enterprises (SMEs) across the country to provide them with better support.
During a meeting in Islamabad on Thursday, the prime minister ordered that the loan limit for small businesses under the Prime Minister Youth Program be increased from Rs 500,000 to Rs 15 lakh.
Apart from this, Shahbaz Sharif emphasized the need to devise a special package for women entrepreneurs in small businesses. He highlighted the importance of adopting international best practices and models of developed countries to bring the facilities provided to SMEs at par with global standards.
The Prime Minister reiterated his government’s commitment to facilitate the growth of small and medium enterprises, recognizing their important role in driving economic growth. He emphasized that support to SMEs is essential to increase exports and increase employment opportunities.
He further emphasized the government’s focus on empowering youth and women entrepreneurs, enabling them to not only create self-employment opportunities but also create jobs for others.
In line with these objectives, the meeting also reviewed efforts to simplify the loan application process for SMEs, making it more accessible to a larger number of businesses.
Additionally, the Prime Minister was informed about the upcoming launch of financial literacy and training programs for SMEs, which are expected to start by February this year. By the middle of the year, a program to introduce SMEs to advanced technology will also be launched.
Shahbaz Sharif concluded the meeting by reiterating the government’s determination to promote SMEs as the cornerstone of the country’s economic development.
