Islamabad: The Advisor to the Prime Minister on Commerce and Textile, Industries and Production and Investment Abdul Razak Dawood said that the introduction of business reforms and documentation of economy are in the works to boost the industrial and commercial potential, according to news sources.
In meeting with a delegation from the business community, he said that the government is using tariff rationalisation, trade-related investment, institutional reforms, ease of business regulations and economy documentation to focus on higher exports.
He expressed his view that the growth of Small and Medium Sized Enterprises (SMEs), is important as it generates employment opportunities but most of them are conducted off the books. He noted that documentation of these businesses will come with benefits like increased access to credit. The advisor also revealed that the Small and Medium Enterprise Development Authority (SMEDA) is undergoing through meaningful structural reforms.
The 2019 policy for SMEs has three major targets for development, which are availability of credit, utilisation of technology, and access to markets, he added.
According to the World Bank Report, Pakistan has moved up to the 136th place on ease of doing business in the global ranking, which is an advancement of 11 places. The advisor remarked that ease of doing business has a lot to do with the determination of SMEs performance in Pakistan. He expressed hopes for the ranking to improve further after implementation of aforementioned reforms.