SMEs to be allotted land on rental lease inside CPEC SEZs: Industries Minister

ISLAMABAD, Sept. 24 (Gwadar Pro) - Pakistan Federal Minister for Industries and Production Makhdum Khusro Bakhtyar said on Thursday that Small and Medium-sized Enterprises (SMEs) will be allotted land on rental lease inside the Special Economic Zones (SEZs) of the China-Pakistan Economic Corridor (CPEC).

“The MoIP (Ministry of Industries and Production) would allot land to SMEs on rental lease model in CPEC SEZs,” he said at a meeting on National Coordination Committee on SME Development. The forum comprehensively deliberated upon the framework of the proposed National SME policy.

In his remarks, the minister said that the development of SMEs is imperative for sustainable economic growth in the country.

He maintained that the incumbent government is working on a comprehensive policy for cross-sectoral development of SMEs particularly export-oriented businesses in the country.

The minister highlighted that the government is focusing on the enhancement of credit financing to tax filer SMEs as well as increasing credit limit to collateral asset owning enterprises for the expansion of existing business.

The new policy would focus on the enlargement of the bandwidth of micro-financing and the venture investment for SMEs with help of international donors, Bakhtyar said.

He noted that the proposed SME policy would outline incentives for women-oriented businesses, thus reducing the gender gap in financial inclusion and mainstreaming the role of women in the economy.

He called for a specialized lending scheme for the garment sector and Information Technology enabled services within the purview of SME policy.

At the conclusion of the meeting, the Minister directed relevant Provincial departments and Small and Medium Enterprises Development Authority (SMEDA) to finalize the new SME policy according to Prime Minister Imran Khan’s vision to promote cross-sectoral small business across the country.