Small and Medium Enterprises (SMEs) are the backbone of thriving economies across the world. There is need for the policymakers in Pakistan to recognise the vital role of the SMEs sector to drive economic growth – especially now that the government is focusing on economic growth after having successfully pursued its economic stabilisation policy.

It is satisfying to note that the sitting government is taking steps to place SME development at the centre of its economic agenda. Towards this end, a National Steering Committee for SMEs, operating under the Prime Minister himself, meets regularly to assess progress and shape strategy.

One of its first major actions taken is reactivating the long-dormant board of Small and Medium Enterprises Development Authority (SMEDA) and task it with developing a comprehensive business plan for SME growth. That plan, now approved, covers a wide range of strategic initiatives - from improving access to finance to boosting export potential.

A major focus of the new strategy is to make SMEs more bankable, enabling easier........

© The Express Tribune