The remarkable success of SME sector in China has opened new avenues for Chinese economy to flourish that Pakistan should emulate, as China has become the best example of emerging as an economic power largely relying on SME sector.

This was stated by the speakers at a seminar on “Achieving Sustainable Economy by 2017 by fully benefiting from China in SME Sector” held at the Lahore Chamber of Commerce & Industry. The theme of the seminar was about taking full advantage of Chinese expertise in various economic sectors in general and in Small & Medium Enterprises Sector in particular.

Provincial Minister of Industry Ch. Shafiq Ahmad, Provincial Minister for Mines & Minerals Sher Ali Khan, LCCI President Sohail Lashari, Chairman LCCI Standing Committee on Pak-China & ASEAN Economic Relations Siddiq-ur-Rehman Rana, Secretary Industries Punjab Arif Anwar, Director SBP Abid Qamar, Vice Chancellor Punjab University Mujahid Kamran, MPA Dr. Ayesha Ghous Pasha and Mr. Li Chun were prominent amongst the speakers.

At the seminar, experts discussed the road map, execution mechanism and forming monitoring team by inviting all the stakeholders for sustainable economy by 2017 by fully benefiting from China. They said that government and private sector should join hands for high-speed growth of micro, small and medium industry.

During the seminar, speakers highlighted various aspects of Pak-China Economic Corridor, Economic Cooperation and Regional Connectivity Projects.

The speakers shed light on ways that may bring drastic change in our economy with special reference to Pak-China Economic Cooperation through joint ventures, transfer of technology, and identification of more items of exports to China, knowledge sharing and technical trainings etc.  

Provincial Ministers Ch. Shafiq Ahmad and Sher Ali Khan in their respective addresses said that because of untiring efforts of Punjab government, Pak-China friendship has entered into a new era. They said that the Chinese government was extending full cooperation to Pakistan for ongoing development process.

They said that various Chinese investment companies have showed willingness to invest in various sectors in Pakistan particularly in Punjab. Pakistani business community should come forward and avail this unique opportunity that would help Pakistan to take full benefit from the Chinese expertise in various sectors of economy.

They said that China fully realizes the problems being faced by Pakistan and ready to extend all possible cooperation for steering it out of mire of problems.

The speakers said that China and Pakistan are situated in an area that has great geographical importance and hosts almost half of the world’s population. He said that along with the human resources, the area is also rich in natural material resources.

They said that we must try to know the systematic approach adopted by China and those policies which played major role in transforming their SME sector. He said that SMEs contribute 60% of China’s industrial output and create 80% of China’s jobs. Chinese Government has especially targeted this sector in order to achieve an average annual growth rate of 8%.

They said that due to severe energy crisis, SMEs in Pakistan are not keeping pace with critical minimum requirement needed to remain viable and survive. Other challenges include low access to finance, inflationary pressures, little know-how of best business practices, inadequate technologies, shortage of skilled labours etc.