PM forms committee to promote small and medium enterprises

ISLAMABAD : Prime Minister Imran Khan has formed a committee for the promotion of small and medium enterprises headed by Minister Industries Hammad Azhar. The committee will prepare proposals for the promotion of small and medium industries in the country. Moreover, a plan will be drawn up to alleviate poverty, provide employment and improve the economic situation. The Federal Minister for Industries and Production and the four Provincial Chief Secretaries are members of the committee, while Chairman FBR, Chairman SECP, Deputy Governor SBP and Federal Secretaries of the Ministries of Commerce, Finance, Power, Petroleum and Law are also part of the committee. The Prime Minister has approved the committee’s TORs under which the government will take steps to encourage small and medium enterprises. The Ministry of Industries will provide the secretariat to the committee. TORs of the committee have been issued and the draft of SMEs policy will be finalized in two weeks. SMEs will have a singular definition in the government system. Suggestions on capacity issues and market access of SMEs will be given and their solutions will be discussed. Legal and regulatory amendments to facilitate business will also be proposed. Regulatory proposals will be made to reduce the burden on SMEs and there will be weekly meetings to review the situation. Coordination to address sector issues will be improved and procedures for testing its performance will be explained. Lastly, the conveners of the committee will also brief the Prime Minister once a week.