United International Group (UIG) Chairman Mian Shahid said on Sunday that Small and Medium Enterprises (SMEs) sector was the best tool to increase exports and revenue.
“SMEs should be promoted so that they can absorb increasing number of unemployed people which will help combat extremism and terrorism,” he said in a statement.
He said that over 96 per cent businesses fell under the category of SMEs, therefore this sector deserved an independent ministry. The government should increase allocation for Small and Medium Enterprises Development Authority as it was doing a good job with meager resources, he said.
Mian Shahid said the development of SME sector was linked to the security situation which continued to drag economy down since long.
He said a large scale manufacturing units were only 4 per cent of the country’s businesses and they also could not survive without SMEs which were 96 per cent. The government and the central bank paid attention to only 4 per cent businesses while the 96 per cent businesses deserved more share, he added.
He said the SME sector continued to struggle for energy, skilled manpower, energy, value addition and training. Besides, the State Bank of Pakistan, he said, commercial banks should also not ignore the SME sector which was backbone of the economy.
The government, he said, could consider designing a comprehensive support system and establish separate industrial estates for the SMEs which were playing a vital role for economic security with 30 per cent share in the GDP.
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