The Small and Medium Enterprises Development Authority (Smeda) and Bank Alfalah Limited (BAL) on Thursday inked a memorandum of understanding (MoU) for the development of SME sector in the country. BAL's Chief Executive Officer Atif Bajwa and Smeda's General Manager Business and Sector Development Division Haroon Ahmed Khan signed the MoU on behalf of their respective organisations.
Speaking on the occasion, Atif Bajwa stressed the need for raising share of small and medium enterprises (SMEs) from 35 percent of the economy to over 60 percent like in the developed countries. He said the public and private partnership was a must to provide support to the small and medium enterprises.
Haroon Ahmed Khan spoke about the importance of SMEs as key drivers of productivity and economic growth. He said that Smeda looked forward to create synergies between the two organisations to enhance SMEs' access to finance. He appreciated the Bank Alfalah's efforts for developing the SME sector in Pakistan.