PM sets Rs2.2tr SME financing target by 2028

Prime Minister Shehbaz Sharif has set an ambitious target to increase financing for small and medium-sized enterprises (SMEs) in Pakistan, raising the amount from Rs1.1 trillion to Rs2.2 trillion by 2028. During a meeting of the Small and Medium Enterprises Development Authority (Smeda), the prime minister emphasized the crucial role that SMEs play in driving economic growth and creating job opportunities across the country.

Smeda officials briefed the prime minister on ongoing reforms aimed at empowering small and medium-sized entrepreneurs, facilitating the establishment and expansion of businesses, and providing feasibility studies in local languages. The authority is also working on an artificial intelligence-based helpline to offer information and guidance to citizens in their native languages.

The prime minister stressed the need to empower people in underdeveloped regions to reduce migration to major cities and promote balanced national development. He directed Smeda to develop a comprehensive plan for educating people about business loan procedures and raising awareness about entrepreneurship.

In a separate meeting, the prime minister directed authorities to transform the Daanish IT Park in Islamabad into a world-class technology hub and a center for a modern IT ecosystem. This includes collaborating with academia and industry, conducting a comprehensive case study of the project, and partnering with global technology companies. The meeting also covered plans to create a comprehensive IT ecosystem to boost IT exports and promote investment in the sector.