PRIME Minister Imran Khan on Wednesday launched the long awaited Small and Medium Enterprises (SME) policy, underlining the importance of supporting small businesses and start-ups and expressing the confidence that the country would see the benefits of this policy in the days to come.
It is a proven fact that SMEs play a critical role in the economic growth of every nation. Promoting these small and medium enterprises lead to creation of work opportunities, wealth creation and poverty reduction.
Generally advanced nations have ninety percent of their enterprises in the SMEs sector and it is one of the remarkable reasons for their financial development.
In developing countries like Pakistan, the SME sector is faced with a range of challenges such as lack of capital and financial opportunities, loans with high interest rates, inadequate infrastructure and unavailability of modern technology, weak trade and investment opportunities.
It is a matter of satisfaction that the SME policy launched by the government is comprehensive in nature as hurdles in the way of this sector’s growth such as that of regulations, NOCs have been removed besides ensuring that the new businesses get an easy access to bank credit.
Promoting the small and medium enterprises is important to diversify our economy and capture additional export opportunities.
The solution to all our economic woes and ending reliance on foreign debts lies in significantly boosting exports.
We believe by ensuring true implementation of this policy, the very purpose can be achieved.
Prime Minister Imran Khan should personally monitor implementation of the SME policy so that obstacles coming in its way could be addressed in a timely and efficient manner.
At the same time, it is also important to promote entrepreneurship amongst the youth who after completion of studies search for jobs in public or private sectors instead of starting their own businesses.
This culture needs to be changed. Our educational institutions should focus on teaching entrepreneurship as a subject to students which would be helpful in luring the youngsters to the business world.
By pursuing entrepreneurship, the youngsters will not only develop a prosperous career, but will also become job creators for others.
