Islamabad: The Small and Medium Enterprises Development Authority (SMEDA) has launched a ten-year cluster-based development plan to mark International Micro, Small and Medium Enterprises (MSMEs) Day. Dr Fakhar e Alam Irfan, Federal Secretary for Industry and Production launched the program as the chief guest of the event. Mr. Socrates Aman Rana, Chief Executive Officer, SMEDA, also addressed the event, which was attended by a large number of SMEs, business leaders and senior government officials.
Federal Secretary for Industry and Production Dr. Fakhar e Alam Irfan addressed the event as the chief guest and highlighted the dynamics of small and medium enterprises (SMEs) which play an important role in our growth, innovation and business. creation makes them the core of the economy. He said, the ten-year Cluster-based plan for SMEs includes five sectors including fruit and vegetable processing, e-bikes, medicine, seafood and marble and granite. This sector study is the result of a collaboration between the Small and Medium Enterprises Development Authority (SMEDA) and the Ministry of Planning, Development and Special Initiatives, led by consultations with the private sector. The plan is in line with our Strategic Trade Policy (STPF) for 2020-25 based on the export potential of selected sectors, which is the key to unlocking the given cluster-based development plan, he said. The tremendous opportunity in our SME is pushing us on the path of sustainable prosperity. He hopes that all the recommendations made in the report are relevant and their implementation will show a better future for our SME sector. To achieve all that, he called on the government to collaborate with businesses and citizens through regular consultations, feedback mechanisms and transparency.
A visionary roadmap formulated by SMEDA in the form of a 10-year Cluster Based Development Plan is expected to increase exports, employment and GDP to the optimum level in the next decade. Starting this research cluster is not just an academic exercise, he said; This is a transformative initiative that will shape the trajectory of this industry and the economic status of our nation. He thanked all stakeholders, including industry leaders, investors, academics and civil society, for actively engaging in the findings and recommendations of this study. He said that in order to achieve export, employment and growth targets, he would adopt favorable policies for five selected sectors based on SMEDA’s recommendations.
Earlier, the Chief Executive Officer of SMEDA Mr. Socrates Aman Rana welcomed the guests and highlighted the role of SMEDA in the economic development of the country. Evidence-based planning is the need of the hour, he said, so that SMEDA is actively involved in research and planning. SMEDA has received support and encouragement from the Ministry of Industry and Production for its initiative. The Ministry of Planning hopes that the Minister will take ownership of the 10-year Cluster-Based Plan developed by SMEDA under the 5 ES planning and development model.
Highlighting the potential of the five teams selected in the plan, he said that the Potato team could get a value of $339 million and the Marble and Granite team could get an annual value of $48 million. Exports of the Seafood group could increase by $456 million, the E-Bike group could cross 1.3 million units from its current installed capacity, and the Pharmaceutical sector could become a global priority market, passing FY22 exports of $268.94 million. He emphasized the government’s support for SMEDA’s development initiatives, such as the creation of SMEDA’s 30 billion SMEDA fund, the development of an SME credit rating system to improve access to finance, and a strong National Women’s Empowerment Policy to empower women economically.
Talking about SMEDA’s future plans, he said the goal is to create six million jobs and create one million new businesses in the next five years, adding an additional USD 3 billion for exports. With this initiative, the share of SMEs in GDP will increase to 44% and add PKR 540 billion to the economy.
