The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, emphasized the critical role of the Small and Medium Enterprises Development Authority (SMEDA) in revitalizing Pakistan’s economy. In a statement made on Saturday, he lauded the Prime Minister’s decision to enhance SMEDA’s functionality, highlighting that small and medium-sized enterprises (SMEs) are the backbone of the national economy. Sheikh pointed out that there are currently 5.2 million SMEs operating in Pakistan, contributing 40% to the national GDP and accounting for 31% of the country’s exports. Beyond agriculture, the SME sector provides 72% of employment opportunities nationwide.

He urged the government to engage with the business community to promote SMEs further and integrate small industries into the global supply chain through coordinated efforts. Sheikh also underscored the need for significant investment in food value addition, an area currently lacking. He believes that improving food processing and value addition could substantially boost exports. Furthermore, the FPCCI president called for a threefold increase in credit availability for SMEs, to foster their growth and strengthen their impact on the economy.

Credit: Independent News Pakistan