Islamabad:Prime Minister Shehbaz Sharif has announced that the government will extend comprehensive support to Small and Medium Enterprises (SMEs) to enhance their capacity, improve skills, and expand business opportunities.

According to Radio Pakistan, during a meeting focused on facilitating SMEs in the export sector, Prime Minister Sharif emphasized the government's commitment to providing patronage and facilities to promote SME growth. He instructed the removal of the requirement for SMEs to export at least 80 percent of their products to qualify for long-term financing, ensuring no bank deviates from the concessional financing scheme for SMEs and exporters.

The Prime Minister called for improvements in accreditation standards, expansion of laboratory facilities, and simplification of regulatory procedures to aid exporters. He also directed the establishment of modern laboratories to provide facilities to exporters at their doorsteps.

The meeting was informed about recent consultations with SME representatives, where issues such as taxes, refunds, provincial levies, accreditation, logistics, payments, and financing were discussed. It was noted that approximately 17,000 SMEs in Pakistan are involved in exports.

Furthermore, the meeting was updated on the State Bank of Pakistan's new portal launched on November 1, which has received over 10,000 applications to facilitate loan access for the SME sector. Additionally, 300 billion rupees have been allocated under the Export Finance Scheme for SMEs and new exporters, with 350 billion rupees earmarked this year for the Long-Term Financing Facility. Measures are also being undertaken to boost Pakistan's exports to African countries.