Islamabad: Prime Minister’s Special Assistant, Haroon Akhtar Khan, convened a high-level meeting to address the restructuring of the Small and Medium Enterprises Development Authority (SMEDA), focusing on enhancing private sector involvement and improving Pakistan’s business environment.

The meeting highlighted the necessity of reducing public sector intervention in SMEDA operations, aiming to empower private stakeholders to drive growth within small and medium enterprises (SMEs). Participants reached an agreement on increasing the private sector’s role in SME development and reducing government control to establish a sustainable support mechanism for SMEDA’s long-term stability.

Discussions also included strategic consultations with the State Bank of Pakistan, aiming to resolve ongoing SME financing challenges. A practical and results-oriented SME financing strategy was identified as a priority.

A new operational model for SMEDA is being developed, supported by a comprehensive five-year strategic framework. This model intends to align SMEDA’s functions with market demands and improve its effectiveness in facilitating SME growth.

The consensus is that increased private sector involvement and a redefined structural approach will enhance SMEDA’s support for small and medium enterprises nationwide. The proposed changes are expected to improve the business climate and foster new opportunities for entrepreneurship and innovation.