Islamabad:Prime Minister Muhammad Shehbaz Sharif has highlighted the significant potential of small and medium enterprises (SMEs) in boosting Pakistan's national economy.

According to Radio Pakistan, the Prime Minister, while chairing a meeting concerning the Small and Medium Enterprises Development Authority (SMEDA), described the business community as the backbone of any country's economy. He directed SMEDA to double the total volume of loans for SMEs from 1.1 trillion rupees to 2.2 trillion rupees by 2028.

The Prime Minister emphasized that ongoing reforms within SMEDA aim to empower small and medium-sized business owners. He stressed that empowering people in underdeveloped areas would reduce migration to major cities and support overall national development.

He further noted that offering business opportunities in underdeveloped areas would benefit the progress and prosperity of these regions. The Prime Minister instructed SMEDA to devise a comprehensive strategy to inform people about obtaining business loans and increase awareness of entrepreneurial activities.

Additionally, he directed that feasibility studies for establishing SMEs in various sectors be prepared by experts and made available in local languages to benefit aspiring entrepreneurs nationwide. The meeting also included a briefing on the ongoing reforms and measures being taken to promote SMEs, including the establishment of an AI-based helpline to provide information in local languages.