ISLAMABAD: Prime Minister Shehbaz Sharif has announced the government’s commitment to providing comprehensive support to Small and Medium Enterprises (SMEs) to bolster their capacities, enhance skills, and expand business opportunities. This announcement was made during a meeting focused on facilitating SMEs in the export sector.

According to Radio Pakistan, Prime Minister Sharif emphasized the necessity for government backing and the provision of facilities to foster SME growth. He instructed the removal of the requirement for SMEs to export at least 80 percent of their products to qualify for long-term financing. Additionally, he asserted that banks must adhere to the concessional financing scheme for SMEs and exporters without deviation.

The Prime Minister also stressed the importance of improving accreditation standards, expanding laboratory facilities, and simplifying regulatory procedures to support exporters. He directed the establishment of modern laboratories to provide facilities directly to exporters.

The meeting included briefings on recent consultations with SME representatives, which covered issues related to taxes, refunds, provincial levies, accreditation, logistics, payments, and financing. It was noted that approximately 17,000 SMEs in Pakistan are involved in exports.

Further updates revealed that over 10,000 applications have been submitted following the launch of the State Bank of Pakistan’s portal on November 1, designed to facilitate loan access for the SME sector. A total of 300 billion rupees has been allocated under the Export Finance Scheme for SMEs and new exporters, with an additional 350 billion rupees designated this year for the Long-Term Financing Facility.

The meeting also highlighted ongoing efforts to increase Pakistan’s exports to African countries.