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Revival of small and cottage industries stressed

Staff Reporter

Karachi

Majority of the speakers at a meeting of ShuraHamdard Karachi chapter were of the view that revival and development of small and cottage industries was crucial for the economic progress of the country as entire industrial progress of western countries, Russia, China and South Korea was indebted to cottage industries. The meeting was held yesterday on the theme: “The important role of small and cottage industries in the uplift of national economy”, chaired by Justice (Rtd) HaziqulKhairi at Hamdard Corporate Office, Karachi. Speaking on the occasion, Zafar Iqbal, President, Small and Medium Enterprises Alliance (SAMEA) said that small and medium enterprises (SAMEs) played pivotal role in the development of every country and all developed economies like USA, European Union, Russia, China and South Korea have achieved stellar growth only because of SAMEs.
‘In Pakistan 96 out of 100 businesses fall into SME category which generates 40 per cent of GDP and 90 per cent employment. SMEs can be established with small investments and generates many job opportunities; for example to establish a refinery billions of rupees are needed where only 400 to 500 people work whereas with such colossal amount, hundreds of SMES can be established all over the country which would generate millions of job opportunities, he added.