Prime Minister Shehbaz Sharif has ordered the government to double financing for small and medium-sized enterprises (SMEs) to Rs. 2.2 trillion by 2028, up from the current Rs. 1.1 trillion, to support business growth across Pakistan.
Chairing a meeting on reforms at the Small and Medium Enterprises Development Authority (SMEDA) on Monday, the prime minister said small businesses had significant potential to drive economic growth. He stressed the need to improve entrepreneurs’ access to financing and business opportunities.
Sharif directed SMEDA to develop a strategy to raise awareness about business loans, explain application procedures and encourage entrepreneurship across the country.
He also ordered the preparation of feasibility studies by relevant experts for setting up businesses in different sectors. These studies should be available in local languages to help aspiring entrepreneurs access practical guidance.
Emphasizing development in underdeveloped areas, the prime minister said empowering local communities and helping them establish businesses could reduce migration to major cities and promote balanced economic growth.
Officials briefed the meeting on reforms to transform SMEDA into a central platform for training aspiring entrepreneurs and helping them access bank financing. Offices are being established across the country to expand the authority’s outreach to small businesses.
An artificial intelligence powered helpline is also being developed to provide information and guidance to citizens in local languages. Officials said reforms were underway to make the SME digital portal more efficient and user friendly.
The meeting was also informed about a memorandum of understanding between global e-commerce company Alibaba and SMEDA under which 10,000 SMEs would receive training over two years.
The meeting was attended by federal ministers and senior government officials, including Rana Tanveer, Jam Kamal, Musadik Malik, Ahad Cheema, Attaullah Tarar and Chaudhry Salik Hussain.
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