Lahore: Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, unveiled a comprehensive strategy to integrate Pakistan’s vast informal small and medium-sized enterprises (SMEs) into the formal economy. This announcement was made during a media briefing at the Small and Medium Enterprises Development Authority (SMEDA) office.

Khan emphasized the government’s commitment to bolstering the SME sector as a cornerstone of economic growth. He highlighted the hiring of global experts to implement international-standard development initiatives, aligning with the Prime Minister’s vision for SME competitiveness in global markets.

Accompanied by Federal Secretary Saif Anjum and SMEDA CEO Suqrat Aman Rana, Khan outlined measures targeting youth and women empowerment through accessible business feasibility studies, financing facilities, and tax incentives. These steps, he noted, are designed to transform SMEs into active contributors to the national economy.

The initiative includes redefining SMEs to incorporate micro-enterprises with annual turnovers below 30 million rupees, thus broadening access to government facilities and privileges. This redefinition aims to formalize millions of unregistered small businesses operating within households that currently do not contribute to the nation’s economic growth.

Khan assured that practical steps reflecting these measures will be incorporated in the upcoming budget, underscoring the government’s dedication to SME integration and development.

In addressing technological advancements, Khan revealed the engagement of a global cryptocurrency expert to formulate a policy, reflecting the government’s proactive approach to emerging financial technologies. Furthermore, he stressed the expansion of technical institutions to enhance youth skills, thereby strengthening Pakistan’s skilled labor force and SME product competitiveness in export markets.