Islamabad: Islamabad Chamber of Commerce and Industry (ICCI) has warmly welcomed the government’s initiatives for formulating a comprehensive strategy, in coordination with the State Bank of Pakistan and commercial banks, to improve Small and Medium Enterprises’ (SMEs) access to finance.
In a press statement on Wednesday, Acting President ICCI Tahir Ayub termed the decision a timely and encouraging step towards revitalizing the SME sector, which serves as the backbone of Pakistan’s economy and plays a pivotal role in employment generation, exports and sustainable economic growth.
The easier access to affordable financing has long remained one of the biggest challenges confronting SMEs, he said adding that emphasis on facilitating bank lending, developing dedicated financial products for SMEs and removing impediments to their growth reflects a clear commitment to creating a business-friendly environment.
He expressed confidence that these initiatives would enable thousands of small businesses to modernize their operations, enhance productivity and strengthen Pakistan’s export competitiveness and appreciated the Prime Minister’s special focus on supporting farmers engaged in value addition and processing of agricultural produce and fruits.
He observed that facilitating agro-based SMEs through financial access, technical guidance and awareness would significantly increase rural incomes, reduce post-harvest losses and expand the country’s export basket.
He reaffirmed ICCI’s commitment to working closely with the government, SMEDA, the State Bank of Pakistan and the banking sector to promote entrepreneurship, facilitate SMEs and contribute to sustainable economic development.
ICCI Vice President Mohammad Irfan Chaudhry also appreciated this proactive approach towards strengthening the SME sector, stating that timely and affordable financing is indispensable for the survival and expansion of small businesses.
He added that ICCI stands ready to collaborate with all relevant institutions to ensure that these initiatives translate into tangible benefits for the business community and the national economy.