Muhammad Saleem

The Business Plan 2024-27 developed by Small and Medium Enterprises Development Authority (Smeda) will help turn the tide for SMEs and resolve their concerns amid price hike and energy shortages.

Yaseer Hafeez, owner of a printing unit, told WealthPK that small and medium enterprises are efficiently playing their role by providing jobs and strengthening the national economy. However, he lamented that only mega units have been preferred in every policy framed by past governments. “We are hopeful that the business plan approved by Smeda will improve the business environment for the SME sector,” he said, adding that the small and medium industry faces issues in securing loans from banks for expansion.

“Similarly, SMEs are not familiar with the necessary processes and legal formalities to export their products.” Hafeez emphasised that without ensuring SMEs’ access to finance, the government won’t be able to create jobs for youth. “The policymakers’ callous approach has slowed down business activities, forcing many youngsters to seek greener pastures abroad,” he said. He said the brain drain would create a plethora of problems for Pakistan in future, so it’s the need of the hour to devise comprehensive strategies to keep youth within the country.

“Modern technologies are shaping the landscape of manufacturing and production, and it is the government’s responsibility to enable these businesses to invest in innovation. We cannot thrive without adopting modern technologies,” he emphasised. “We are now in an era of tough competition as the world has become a global village where people from any part of the world can easily check products and contact manufacturers and traders,” the printing unit owner said.

Talking to the WealthPK, a Smeda officer who gave his name as Muhammad, said that the plan would help enhance SMEs’ access to finance, foster women development, boost exports, build climate resilience and promote subcontracting. He explained that the initiatives to be introduced under Smeda Business Plan 2024-27 would be a breath of fresh air for the SMEs, as efforts would be made to integrate them into global value chains so that they could bolster their export capabilities.

Similarly, he noted that efforts would also be made to ensure financing for SMEs so they could keep pace with modern innovations. He said that it is imperative to make SMEs part of the global supply chain, and Smeda would achieve this by encouraging subcontracting. “As climate change impacts almost every segment of society, this plan will ensure measures to protect SMEs from its adverse impacts,” the Smeda official said. “Like mega industrial units, we need to enable SMEs to battle the challenge of climate change.”

Credit: INP-WealthPk