UNISAME URGES PM FOR THE FAST TRACK SME PROMOTION AND UPLIFT

THE FINANCIAL DAILY 12/03/24
The Union of Small and Medium Enterprises ( UNISAME ) urged the prime minister (PM) Shehbaaz Sharif for fast track promotion and development of the SME sector which is the majority sector and deserves top priority.
President UNISAME Zulfikar Thaver reminded the PM that SME sector is the engine of growth and the backbone of the economy. The SME sector can stimulate the economy provided it is supported, encouraged, helped and facilitated. He urged the PM to keep SME promotion and development directly under the cabinet division for focused attention like other countries of the world.
He emphasized on fast track promotion and development of the SME sector which needs finance at affordable mark up.
Energy at affordable rates.
Raw material at lower or minimum import duties.
Pay as you earn schemes under commercial property leasing for purchase of land, factories, warehouses and offices.
Credit guarantee insurance for exports promotion.
SME export bureau to promote SME wares.
Tax holidays and exemptions for import substitution industries.
He pointed out that Technology, Banking, Insurance and Logistics are the pillars of the economy.
The technological gap needs to be filled with transfer of technology, banking needs to be modernized with risk and collateral management skills.
Logistics demands collateral management facilities alongside banking support for fast track export promotion.
Thaver added that import and exports are like warp and weft of the economic fabric and without imports of raw materials, parts of machinery for balancing, modernization and replacement industrial stability and growth will be affected.
The UNISAME Council members have urged the PM to give his best attention this time to the sector which it rightly deserves and to strengthen the Small and Medium Enterprises Development Authority (SMEDA) to enable it to outreach the SMEs in every district and cater to the requirements of all segments including the SME farmers.
They reminded the PM that SMEDA was established by the then PM Mian Nawaz Sharif with tall promises and therefore SMEDA needs to be strengthened. The SME policy was provided but not fully implemented. They urged the PM to strengthen SMEDA on priority basis and increase its scope and size to cover all the provinces.
The UNISAME Council demanded serious attention for the sector in view of high inflation and high cost of doing business and production and if not given support , the sector will suffer tremendous setback which the country cannot afford under any circumstances. A stitch in time saves nine they elaborated.

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