UNISAME DEMANDS FOCUS ON SME SECTOR DUE TO SECTOR FACING CHALLENGES….The Financial Daily 15/11/2022

UNISAME DEMANDS FOCUS ON SMEs DUE TO CHALLENGES SECTOR IS FACING….
THE FINANCIAL DAILY 15/11/22
The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the prime minister (PM) Shahbaz Sharif of the coalition government to focus on the SME sector to overcome challenges.
The SME sector is the engine of growth and it is the only sector which can strengthen the dwindling economy as it is undoubtedly the backbone of the economy. The Union feels that the PM and his team has not given their best attention to the majority sector which the micro to medium sector deserves.
President UNISAME Zulfikar Thaver said the impediments to SME growth are lack of information/ education, finance, friendly policies, favourable environment, infrastructure, efficient logistics and energy.
In order to promote, encourage, facilitate, motivate and upgrade the SME sector we have suggested to the government to take measures to educate the SMEs about the new technologies in production, management, marketing, accounting and inventory control. Next to encourage the SMEs to modernize and make plans for balancing and replacement of their units and arrange transfer of technology.
Facilitating the SMEs is also very important and this can be done through efficient and modern banking, leasing and insurance as these are the pillars for growth.
The Unisame Council emphasized that the SMEs in order to progress need law and order and protection and need to feel safe and protected.
They pointed out that infrastructure needs to be improved on fast track.
Experts stated that the SME sector is dependent on logistics which encompasses transportation, warehousing and collateral management and the government needs to seriously work on these aspects to stimulate the economy.
A policy is definitely required for alternate energy as the government has recently imposed duties on panels , equipments and systems which is contrary to promotion of alternate energy.
There is an urgent need of industrial estates in all the provinces. Also the sector needs Special Economic Zones (SEZs).
It is also very important that the government should adopt a policy of fair taxation and also give tax benefit to innovative industries and new units.
Other requirements are that the SMEs need their own chamber of commerce and also their own export promotion council.
The Unisame Council also stressed that the government should strengthen and equip the Small and Medium Enterprises Development Authority (SMEDA) and broaden its scope to enable it to reach the SMEs involved in manufacturing, trading, farming, mining and services.

Posted in: Press Releases