Industrial development core priority of govt, Khusro

ISLAMABAD   –  Makhdum Khusro Bakhtyar, Federal Minister for Industries and Production, on Wednesday said that industrial development is a core priority of the incumbent government with prime focus on promoting SMEs particularly.

He made these remarks while chairing a consultative meeting with SME stakeholders Wednesday afternoon. Jawwad Raffique Malik, Secretary Industries and Production, along with senior officials of Ministry and Hashim Raza, CEO SMEDA, attended the meeting.

The meeting comprehensively ventilated questions, concerns and recommendations from stakeholders ahead of the government’s National SME policy. The chair was told that the national SME policy would encompass financial incentives (enhancing SMEs access to collateral-free lending); fiscal incentives (simplified taxation regime for SMEs); and Guillotine regulatory simplification for SMEs countrywide.

While chairing the meeting, the minister said that industrial development is a core priority of the incumbent government with prime focus on promoting SMEs particularly export-oriented enterprises of the country. 

The minister highlighted that our government is promoting the diversification and modernizing of its industrial base through the use of advanced technologies. He also said that the new SME policy would provide framework to improve the macroeconomic and regulatory environment, access to finance, skills and human resource, infrastructure development, entrepreneurship, innovation and incubation, business development services and local & international market opportunities for small and medium enterprisers.

The minister apprised the forum that SME policy draft would be structured in tandem with access to financial and tax incentives for women-oriented businesses and female entrepreneurs to unlock potential of women’s participation in economy.

During interaction, SME stakeholders lauded the efforts of the government for formulating a comprehensive policy as universally accepted by key players. The participants also commended the current government for SME support package in tough time of pandemic and hoped for holistic SME policy for promotion of micro businesses in the country.

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