SMEs backbone of national economy: PM

Islamabad, December 22, 2017 (PPI-OT):Prime Minister Shahid Khaqan Abbasi says consequent to the very reforms and robustness of the political system, foreign companies are happy to invest in Pakistan. Addressing a launching ceremony of ‘Promotion of Home Remittances Through M-Wallet and Policy for Promotion of SME Finance” in Karachi, he said the Pakistani community abroad is contributing remittance equal to the country’s exports. The Prime Minister said the people are investing in Pakistan due to economic reforms introduced by the incumbent government.

He said the small and medium enterprises are the backbone of the national economy and urged the banks and other financial institutions to meet the needs of the SMEs. He also called for changing the relevant laws to facilitate the sector. He said without strengthening the SMEs, the economy could not flourish. Shahid Khaqan Abbasi said there is a need to explore new business and investment opportunities for the SMEs. He urged the private sector to come up with the proposals in that regard. He said the government has decided to adopt carrot and stick policy to broaden the tax net to make the people realize that paying taxes is their responsibility.

He further said the government is striving to improve the taxation system because the non-payment of taxes by the people concerned put burden on those who should not be paying taxes. Later, speaking at a meeting with senior management of private banks in Karachi, the Prime Minister urged the banking sector to finance renewable energy projects in order to improve the energy mix. He said the government will provide full support for highlighting women in entrepreneurship. The Prime Minister said microfinance holds huge potential and the government will provide full support to it. He said Islamic banking is flourishing with support of the government. Prime Minister said that China-Pakistan Economic Corridor is a huge opportunity and we need to work together for utilizing its fullest potential for uplifting socio-economic status of the people of Pakistan.

For more information, contact:
Ministry of Information, Broadcasting and National Heritage
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557

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