Islamabad: In a significant move to bolster small and medium enterprises (SMEs), the government has announced the creation of a Small Medium Enterprises Fund totaling five billion rupees. This initiative was decided in a recent meeting of the National Coordination Committee on Small and Medium Enterprises Development.
According to Ministry of Information and Broadcasting, the meeting, chaired by Minister for Industries and Production Rana Tanveer Hussain, resolved several key measures to support the growth of SMEs across the country. One of the pivotal decisions includes the harmonization and uniformity of taxes at federal and provincial levels specifically for SMEs, aiming to simplify the fiscal environment and encourage business expansion.
Further decisions made during the meeting include providing credit facilities to help SMEs start and scale their operations and allocating land in industrial estates to facilitate physical expansion. These steps are part of a broader strategy to reduce the cost of doing business, as emphasized by Minister Hussain, and to enhance investment within the vital SME sector.