Islamabad: Prime Minister Shehbaz Sharif has directed to immediately carry out a comprehensive survey of Small and Medium Enterprises (SMEs) for provision of facilities to them. Chairing a meeting related to Small and Medium Enterprises (SMEs) in Islamabad on Thursday, he directed that the loan amount for small businesses under the Prime Minister's Youth Program be increased from five hundred thousand rupees to 1.5 million rupees. He said a special package for women entrepreneurs in small businesses should also be designed. Shehbaz Sharif emphasized the adoption of models from developed countries to align the facilities provided to SMEs with international standards. The Prime Minister reiterated commitment to facilitating small and medium enterprises in order to encourage workforce to engage in business activities. The Prime Minister noted that SMEs play a key role in the economic development worldwide. He said it is the government's top priority to promote SMEs in order to increase the country's exports. She hbaz Sharif further highlighted that the government is working to empower youth and women entrepreneurs in such a way that they not only create self-employment opportunities but also generate additional job opportunities. The meeting was informed that on the directions of the Prime Minister, the loan application process for SMEs has been simplified so that a greater number of enterprises can benefit from the loan facility for the improvement of their businesses. It was informed that SMEDA will launch a financial literacy and training program for SMEs by February this year. Additionally, a program to introduce SMEs to modern technology will also be finalized and launched by mid-year.

According to Radio Pakistan, the Prime Minister's directives signify a focused effort to bolster the SME sector, which is considered vital for national economic growth. The increase in loan amounts under the Youth Program aims to provide more substantial support to burgeoning entrepreneurs, facilitating their business ventures and expansion efforts. The special package for women entrepreneurs underscores the government's commitment to fostering gender inclusivity in the business landscape. The emphasis on international models highlights a strategic approach to elevate SMEs to compete on a global scale by equipping them with modern tools and knowledge. The simplification of the loan application process and the upcoming financial literacy and training initiatives by SMEDA are poised to significantly enhance the capability and reach of SMEs across the country.