LAHORE: Terming the investment in small businesses essential for economic stability and prosperity, Chief Minister Punjab Maryam Nawaz Sharif said that the Punjab government was committed to developing SMEs and creating conducive environment through business-friendly policies.

Describing the SMEs as the backbone of the economy, the CM highlighted that the government was taking steps to overcome the challenges faced by Medium SMEs and provide necessary support. There is a need to focus on increasing logistical support, technology and market access for small and medium-sized businesses, she added.

The CM noted that the SMEs not only contribute to economic growth but also play a role in reducing economic inequalities. Punjab has significant employment opportunities through SMEs, which have a substantial share in the province’s GDP through diverse operations in manufacturing, services, and trade, she said, adding: “The export potential of SMEs boosts foreign exchange reserves and the Punjab government encourages SMEs in every sector, including agriculture, livestock and garments.”

Special measures have been taken to promote farming by providing agricultural loans. Growth opportunities will emerge through digital technologies and e-commerce platforms, the CM said in her message on World Micro, Small and Medium Enterprises (MSMEs) Day. By enhancing the export capabilities of SMEs, access to international markets is being made easier. Creating conducive environment for the promotion of the entrepreneurial culture was a priority of the Punjab government, the CM concluded.

Copyright Business Recorder, 2024