ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has emphasized the significant role of small and medium enterprises (SMEs) in enhancing Pakistan’s economic landscape, underscoring a strategic push to double the available loan volume by 2028.

According to Radio Pakistan, during a meeting focused on the Small and Medium Enterprises Development Authority (SMEDA) held in Islamabad, the Prime Minister reaffirmed the crucial role of the business community as the backbone of any national economy. He directed SMEDA to increase the total volume of loans for SMEs from 1.1 trillion rupees to 2.2 trillion rupees over the next five years.

Prime Minister Sharif highlighted ongoing reforms within SMEDA aimed at empowering small and medium-sized business owners. He stressed that empowering individuals in underdeveloped areas could mitigate migration to major cities and contribute to national development. By enabling business opportunities in various sectors, these regions may experience enhanced progress and prosperity.

The Prime Minister instructed SMEDA to devise a comprehensive strategy to maximize public awareness about the procedures for obtaining business loans and promote entrepreneurial activities. He also called for the preparation of feasibility studies for establishing SMEs in various sectors, which should be accessible in local languages, thereby enabling aspiring entrepreneurs across the nation to benefit from them.

During the meeting, the Prime Minister received a briefing on the ongoing reforms within SMEDA and the initiatives to bolster SMEs. A noteworthy development is the establishment of an Artificial Intelligence (AI)-based helpline designed to offer information and guidance in local languages.