SMEDA, ILO Launch Study On Reducing Informality In Enterprises

International Labor Organization (ILO) and SMEDA have launched a comprehensive study on reducing informality in Pakistan's enterprises

LAHORE, (UrduPoint / Pakistan Point News - 14th May, 2024) International Labor Organization (ILO) and SMEDA have launched a comprehensive study on reducing informality in Pakistan's enterprises.

This crucial research highlights opportunities and challenges in formalizing businesses, paving the way for strategies to support firms in transitioning to formality. Let's work together towards a more formalized and prosperous Pakistan.

Asad islam Mahni, Additional Secretary Ministry of Industries & Production, Socrat Aman Rana, CEO SMEDA and Ms. Judith Van Doorn, ILO's Enterprise Specialist commented on features of the report.

Asad Islam Mahni highlighted that SMEs are the backbone of the economy, driving Pakistan's economic development.

Formalizing SMEs can unlock new growth opportunities and pave the way for sustainable development.

Socrat Aman Rana, CEO SMEDA, spoke about the benefits of SME formalization and shared SMEDA's proactive role in supporting SME development in Pakistan. He envisions digitization as a key to facilitating business formalization across the country.

Ms. Judith Van Doorn, ILO’s Enterprise Specialist, discussed ILO’s multi-pronged approach to business formalization, emphasizing how it can be made easier, more attractive, and beneficial for both businesses and workers. She also noted that formalization promotes simplification, boosts productivity, and creates development opportunities.