Ch Shafay Chairs SMEs Council Meeting

Ch Shafay chairs SMEs Council meeting

Provincial Minister for Industry and Commerce Chaudhry Shafay Hussain chaired the first meeting of the Provincial Council on SMEs (Small and Medium Enterprises) here Tuesday

LAHORE, (UrduPoint / Pakistan Point News - 29th Oct, 2024) Provincial Minister for Industry and Commerce Chaudhry Shafay Hussain chaired the first meeting of the Provincial Council on SMEs (Small and Medium Enterprises) here Tuesday.

The meeting took several key decisions aimed at promoting small and medium-sized enterprises (SMEs). Managing Director of Punjab Small Industries Corporation (PSIC) Saira Umar gave a detailed briefing on actions and strategies being taken to support SMEs.

During the meeting, it was decided to start a new loan scheme with easy terms for SMEs. This scheme, to be advanced in partnership with banks, will provide easy loans to promote solar energy in small industrial estates. Additionally, a new program aimed at enhancing business skills for women investors was approved. Under this program, with the support of the Asian Development Bank, Women Resource Centers will be established in Faisalabad, Multan, Rawalpindi, Gujranwala, and Sialkot, following the Lahore model.

The meeting also decided on the full digitization of the Punjab Small Industries Corporation.

It was agreed to accelerate work on the Provincial SMEs Plan 2024 in line with the National SME Policy 2021.

While addressing the meeting, Provincial Minister Chaudhry Shafay Hussain emphasized the significant role of SMEs in economic growth, stressing the need for collective efforts to advance small and medium-sized businesses. He stated that a five-year plan for the development of SMEs is underway and instructed the team to expedite the completion of the SME promotion plan and finalize the land lease policy for small industrial estates.

During the briefing, it was highlighted that various reforms have been implemented to facilitate business. Several proposals were also reviewed for the promotion of industry.

The meeting was attended by Secretary Industry and Commerce Dr. Ehsan Bhutta, Director General Industries Asif Ali Farakh, CEO PIEDMC, CEO SMEDA, and other departmental officials. President of Lahore Chamber of Commerce and Industry, Abu Zar Shad, Regional Chairman FPCCI Zaki Ijaz, and others were also present.