Islamabad: In a significant move aimed at boosting small and medium enterprises (SMEs), the Small and Medium Enterprises Development Authority (SMEDA) Board of Directors approved the SMEDA Business Plan for 2024-27 today. The plan, endorsed during the board’s 22nd meeting chaired by Federal Minister for Industries and Production, Rana Tanveer Hussain, includes amendments to the SMEDA Ordinance 2002 and the establishment of the SME Development Special Fund Rules-2024.

According to Press Information Department, the meeting convened in the Committee Room of the Ministry of Industries and Production, brought together key governmental and private sector figures. This collaborative effort approved several agenda items crucial for SME development, aligning with the government’s priority agenda. The approved business plan is set to integrate SMEs into the global value chain, which is expected to increase the country’s exports.

The initiatives under the new business plan are designed to improve SMEs’ access to financial resources, thereby enhancing their bankability. It also includes strategies to promote subcontracting and women entrepreneurship while safeguarding SMEs against the impacts of climate change. The board, expressing unanimous satisfaction with the detailed presentation by SMEDA CEO, Socrat Aman Rana, endorsed these measures as essential for the sustainable development of SMEs across the nation.