ISLAMABAD: Small and Medium Enterprises (SMEs) are playing a role of the backbone of the national economy, contributing 40 percent to GDP and 30 percent to exports, but majority of the SMEs have no access to formal financing and are dependent on the informal sector.

This was a crux of a seminar titled, “Entrepreneurship as a Career Option,” featuring Asghar Nasar, regional business coordinator of Small and Medium Enterprises Development Authority (SMEDA). He said that the majority of SMEs lack access to formal financing and operate in the informal sector, adding that by supporting SMEs with resources and policies, the country can unlock their full potential and drive sustainable economic growth.

SMEs in Pakistan face several challenges: outdated technology, lack of access to finance, limited market information, and underdeveloped human resources. Addressing these issues is critical for improving productivity, competitiveness, and the overall ease of doing business. Together, let us build a supportive ecosystem for our SMEs to thrive, he said.

Nasar said starting a business or expanding an existing one is more than just a dream—it is a strategic journey toward profitability. Entrepreneurs embrace the challenge of developing business models, acquiring the right resources, and building strong teams.

Copyright Business Recorder, 2024