LAHORE: A high-level consultative meeting with Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan explored measures to improve access to finance for micro, small and medium enterprises (MSMEs).
The meeting, organised by the Small and Medium Enterprises Development Authority (SMEDA), was attended online by representatives of more than 70 SME-focused chambers of commerce and industry associations from across Pakistan.
Federal Secretary for Industries and Production Saif Anjum, Additional Secretary Humaira Zia Mufti, SMEDA General Manager Hassanain Javed and other senior officials also attended the session, which was hosted by SMEDA Chief Executive Officer Nadia Jahangir Seth.
Addressing participants, Haroon Akhtar Khan said the prime minister is committed to making bank financing more accessible for SMEs. He said that, a working group comprising representatives of the State Bank of Pakistan (SBP) has been formed to review and simplify the SME lending process.
He added that the Ministry of Industries and Production, through SMEDA, is conducting a detailed assessment of barriers preventing SMEs from securing bank financing. He said the prime minister has sought details of companies whose loan applications have recently been rejected by banks.
The SAPM urged representatives of trade bodies to submit details of SMEs whose financing applications had been declined. He expressed confidence that collaboration among the SBP, Ministry of Industries and Production and SMEDA would help make SME financing procedures simpler, more transparent and efficient.
He further said the government will obtain records of rejected loan applications from banks to identify the reasons behind refusals and introduce measures to address those challenges. Speaking on the occasion, SMEDA CEO Nadia Jahangir Seth said the authority had launched an SME Registration Portal through which businesses could register free of charge. She said the initiative aimed to help SMEs access government support programmes, including financing facilities and other public-sector services.
During the meeting, representatives of chambers of commerce and SME associations from Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Azad Jammu and Kashmir, and Gilgit-Baltistan highlighted challenges faced by SMEs in obtaining financing and shared recommendations to address these issues.
Seth assured participants that the recommendations received during the consultation will be compiled and submitted to the prime minister through the special assistant to the prime minister on industries and production for consideration.
