ISLAMABAD: Prime Minister Imran Khan Monday said the proposed Small and Medium Enterprises (SMEs) policy should be finalised as soon as possible.

The prime minister directed this, while chairing a review meeting on the promotion of small and medium businesses, which was attended by federal ministers, Shaukat Tarin, Makhdoom Khusro Bakhtyar, Adviser on Commerce Abdul Razak Dawood, Special Assistant to Prime Minister Dr Shahbaz Gill, and senior officers.

Governor SBP Dr Raza Baqir participated through a video link.

Secretary Industry and Production gave a detailed briefing to the meeting regarding the broad contours of the proposed SME policy, and stated that the SMEs account for 40 percent of the total GDP. The meeting was informed that the government is providing Rs 436 billion support to the SMEs.

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The meeting was told that significant tax concessions are being given to the SMEs.

The federal cabinet has already approved an action plan for the promotion of SMEs, and loans would be provided to small and medium enterprises under the supervision of the SBP, the meeting was briefed.

The meeting was also informed that special attention is being given to the business related to information technology sector.

The premier was informed that all stakeholders have been consulted in detail, so that there is no loophole in the policy.

Prime Minister Imran Khan said that the SMEs are the most important in the national economy and deplored that small industries remained neglected in the past. The present government is focused on providing facilities to small industries, he added.

The premier said that through ease-of-doing-business policy incentives and facilities are being provided to small business owners.

He said that the proposed SME policy should be finalised as soon as possible.

Copyright Business Recorder, 2021