ISLAMABAD (Dunya News ) – Prime Minister Shehbaz Sharif has directed authorities to increase financing for small and medium-sized enterprises (SMEs) from Rs1.1 trillion to Rs2.2 trillion by 2028, highlighting the sector’s potential to drive economic growth, create jobs and strengthen local businesses.
The directive was issued during a meeting chaired by the prime minister to review reforms at the Small and Medium Enterprises Development Authority (SMEDA), initiatives to promote entrepreneurship and measures to improve access to finance for business owners.
Shehbaz said the business community was the backbone of the national economy and stressed that Pakistan’s SME sector had significant potential for economic development.
He said ongoing reforms at SMEDA were aimed at empowering entrepreneurs and creating a supportive environment for establishing and expanding businesses.
The prime minister added that SME development could strengthen the economy and generate new employment opportunities across the country.
The prime minister emphasised the need to prioritise economically underdeveloped regions, saying greater business opportunities could help empower local communities and reduce migration to major cities.
He said residents of less-developed areas should be encouraged to establish businesses across different sectors to promote local economic activity and improve living standards.
Shehbaz directed SMEDA to prepare a comprehensive strategy to inform a larger number of people about the procedures for obtaining business loans. He also called for effective public awareness initiatives to promote entrepreneurship, self-employment and available business opportunities.
He instructed the authority to commission feasibility studies for SMEs in different sectors through relevant industry experts. These studies should also be made available in local languages to help aspiring entrepreneurs assess business opportunities and make informed investment decisions.
Officials informed the meeting that SMEDA was being developed into a central platform to support people seeking to establish businesses.
The platform is expected to provide entrepreneurship training and facilitate connections with banks for those seeking financial assistance.
Authorities also briefed the prime minister on plans to establish SMEDA offices across the country to improve outreach and provide easier access to guidance for business owners.
An artificial intelligence-based helpline is also being developed to provide information and assistance in local languages, according to the briefing.
The measures are intended to make business support services more accessible, particularly for aspiring entrepreneurs who may face difficulties navigating financing procedures and regulatory requirements.
The meeting was informed that SMEDA and global e-commerce company Alibaba had signed a memorandum of understanding to provide training to 10,000 SMEs over two years.
The initiative is expected to improve business capabilities and help participating enterprises explore opportunities in digital commerce.
Officials also outlined ongoing improvements to the SME digital portal, aimed at making information about business establishment, training and financial assistance easier to access.
The digital initiatives are intended to help entrepreneurs obtain guidance and identify available support without facing unnecessary procedural hurdles.