EAC TERMED INCOMPLETE SANS MAJORITY SECTOR REPRESENTATIVE…The Financial Daily 01-05-2022.

UNISAME president Zulfikar Thaver lamented that the EAC will remain incomplete and it is very important to have a representative of the under privileged sector to avoid conflict of interest as billionaire members will naturally persue their own interest first.

He stressed that It is very necessary that the SME policy is implemented in letter and spirit and priority is given to the sector. This sector is acknowledged as the backbone of the economy, the engine of growth, the vehicle for employment and tool for poverty alleviation and it is very surprising that their representative is not included.

The majority sector is facing challenges due to depreciation of the rupee, high cost of production. Inflation is also crippling as it is reducing buying power and affecting sales and services, there is no marketing support from the government and the burden of taxation is unbearable. Without a representative from the SME sector the EAC will have nobody to speak about the challenges of the under privileged and the billionaires will highlight their vested interest.

The UNISAME Council has urged the PM to include at least two members one from the Small and Medium Enterprises Development Authority (SMEDA) and one from UNISAME to fill the much needed representation from the small to medium sized sector.