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Government Working on Policy, Other Measures to Develop SMES

According to news sources, Federal Minister for Industries and Production Khusro Bakhtaar of Islamabad stated that the government is implementing inclusive policies and taking new initiatives to improve the Small Medium Enterprises (SMEs) sector in the country.

Read: The Life Residencia – Start of an Elite Living

Minister Bakhtyar disclosed that the government intends to provide relief by cutting import levies on raw goods and increasing Microfinance bank financing.

The minister informed delegates from the country’s various chambers of business that the government has decreased import levies on raw materials by 50 percent over the past two years and will further reduce them to 70 percent in the future years. He claimed that banks are now collaborating with the government to support small-scale enterprises with loans.

Read: Crackdown of RDA and CDA Against Illegal Housing Schemes

In addition, he noted that the new policy for SMBs will be designed and implemented in consultation with all relevant parties to make it more transparent and inclusive. He added that the government would communicate with the SME sector over the rationalization of taxes and tariffs on imports related to SME businesses, which will assist to increase employment.

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