Islamabad: Special Assistant to the Prime Minister Haroon Akhtar Khan convened a high-level meeting to explore the restructuring of the Small and Medium Enterprises Development Authority (SMEDA). The discussions centered on increasing private sector involvement and enhancing the business landscape in Pakistan.

The meeting underscored the importance of curtailing public sector intervention in SMEDA’s operations. The goal is to enable private stakeholders to take a leading role in stimulating small and medium enterprise (SME) growth across the nation.

A foundational agreement was reached to boost the private sector’s contribution to SME development. Participants acknowledged the necessity of reducing governmental oversight while crafting a sustainable support system for SMEDA to ensure its enduring success.

Strategic discussions with the State Bank of Pakistan were also on the agenda, focusing on resolving ongoing SME financing issues. A practical and effective SME financing strategy was highlighted as a primary objective.

A new operational model for SMEDA is under development, supported by a detailed five-year strategic framework. This model aims to align SMEDA’s functions with market demands and enhance its capacity to facilitate SME growth.

The meeting concluded with a consensus that increased private sector engagement and a redefined structural approach would strengthen SMEDA’s ability to support small and medium enterprises nationwide. The proposed changes are anticipated to significantly improve the business climate, fostering entrepreneurship and innovation.