Prime Minister Shehbaz Sharif Chairs Meeting on SMEDA

Prime Minister Muhammad Shehbaz Sharif presided over a meeting regarding the Small and Medium Enterprises Development Authority (SMEDA). He emphasized that small and medium-sized enterprises (SMEs) are the backbone of the national economy.

Expressing displeasure over SMEDA’s inactive board, the Prime Minister instructed the immediate reconstitution of the board and the swift appointment of a Chief Executive Officer for SMEDA. He also directed the formation of a steering committee for SMEDA, which he will personally lead, with the inclusion of private sector representatives.

The Prime Minister stressed the need to promote sub-contracting in industries and integrate Pakistani industries into the global supply chain. He was briefed that a development fund for SMEDA has been established for the first time, with Rs 30 billion allocated over six years, including Rs 5 billion for 2024-25.

The briefing highlighted that there are currently 5.2 million SMEs in Pakistan, contributing 40% to the GDP and 31% to exports. The SME sector provides 72% of non-agricultural jobs. So far, Rs 491 billion in bank credit has been provided to SMEs, but there is a need to increase this to Rs 800 billion.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Economic Affairs Ahsan Iqbal, Federal Minister for Industries and Production Rana Tanveer Hussain, the Prime Minister’s Coordinator Rana Ehsan Afzal, and other senior officials.