The Small and Medium Enterprises Development Authority (SMEDA) will provide financial support to increase value-addition in the manufacturing of textile apparel by providing matching grants to new business startups as well as current small and medium-sized businesses (SMEs) with sufficient expertise in manufacturing involving textiles.

SMEDA Chief Executive Officer Hashim Raza told media the authority has resumed the matching grant process for the installation of industrial stitching units all over the country. The grant is part of a Public Sector Development Programme (PSDP) funded project being implemented by SMEDA under the federal ministry of industries and production for the establishment of a total of 1,000 industrial units, for which the grant had already been issued to 93 SMEs.

He also noted that the textile industry played a significant role in the growth of the national economy and that improving value addition, productivity, and innovation could help this industry produce more exports and create more jobs. According to him, the financial support that will be given through this grant will enable industrial sewing units to contribute more to the expansion of the economy.

"The project's long-term goal is to establish 1,000 industrial stitching units, and that deadline is approaching. Through the first year of its three-year operation, 93 units, instead of the intended 150, have been successfully completed up to this point. The current process of the grant was meant to support 57 units, after which the project's initial phase would be finished,” he added.

According to the requirements, this grant is distributed in the form of machines ranging from 7 to 18 in number, he said. According to him, the project offered a grant facility on a cost-sharing basis, under which the applicant would be responsible for 40% of the machinery's cost and the project for 60%. The SMEDA website contains the grant application forms, which interested SMEs can access and complete before November 4 and submit to the SMEDA offices in their respective areas.

Credit: Independent News Pakistan-WealthPk