Business

ISLAMABAD – Islamabad Chamber of Small Traders on Sunday asked the government to promote small and medium enterprises (SMEs) to reduce unemployment.

Focus on SMEs can also help offset impact or reduced exports and dwindling investment, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

In a statement issued here On Sunday, he said that ninety-six percent businesses fall under the category of SMEs, therefore, the government should consider setting up a separate ministry for this sector.

The SME sector is the backbone of the economy providing jobs to the majority of the labour which has changed the fate of many countries including China, Japan, Malaysia, Korea and Thailand, he said.

Shahid Rasheed Butt said that SMEs are facing problems like energy crisis, lack of regulatory support, incoherent laws, deficiency of market information and non-availability of skilled labour.

The SMEs has the potential to become the engine for growth and propel the national economy into the world’s top 25 economic powers which require sustained and long-term political support, he added.

He said that the government should introduce incentives to pair smaller SMEs with medium and large enterprises to increase their chances for sustainability which include helping them to manage their growth.

The success of this sector depends on strong linkages with academia for research and global competitiveness as well as on collaborations with both domestic and international markets.-Online