The Lahore Chamber of Commerce and Industry (LCCI) welcomed the first ever SME policy and said it hoped the initiatives announced in the new policy would be implemented in letter and spirit, making the environment business-friendly and hassle-free.
LCCI acting President Mubasher Sheikh, in a statement issued here on Thursday, said the government decision to establish a credit guarantee agency for SMEs with a fund of Rs 3 billion, SME sub-contracting exchange, SME development institute, SME Export House and SME Promotion Council is a step in right direction and quite in line with modern day needs.
He said there was no doubt about it that all policies were made in good faith and to bring about economic turnaround but in most of the cases no proper attention is given towards their implementation.
"It is necessary for the government in general and the Ministry for Industries, Production and Special Initiatives particular to evolve a strategy in consultation with private sector to bring down the cost of doing business in Pakistan," he added.
He also lauded the decision to establish Credit Information Bureau where a data-bank would be established. He said that in the past lack of trade-related information had always been an issue for the business community.
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