Smeda Board approves initiatives to execute sme development agenda
ISLAMABAD: Focusing on SME Development as a key priority of the current government, the 22nd meeting of the Small and Medium Enterprises Development Authority (SMEDA) Board of Directors convened today in the Committee Room of the Ministry of Industries and Production (MOIP), chaired by Rana Tanveer Hussain, the Federal Minister for Industries and Production. PM directs for capacity building measures for SMEs
The meeting approved various agenda items, including proposed amendments to the SMEDA Ordinance 2002 in accordance with the SOEs Act-2023, the SMEDA Business Plan for 2024-27, and the SME Development Special Fund Rules for 2024. The Board also approved the SMEDA budget, the annual audited accounts for the past three years, and the revised financial regulations of SMEDA.
The meeting was attended by six ex-officio members from the government, alongside four members from the private sector. The ex-officio members included Rana Tanveer Hussain, Federal Minister for Industries and Production (Chairman), Mr. Saif Anjum, Federal Secretary for Industries and Production, Mr. Munir Ahmed, Senior Joint Secretary of the Ministry of Finance, Mr. Aizaz Hussain, Chief of Income Tax Policy, Mr. Shakeel Ahmed Mangnejo, Special Secretary for Commerce, and Mr. Socrat Aman Rana, CEO of SMEDA. The private sector representatives included Ms. Bushra Malik, Dr. Muhammad Yousaf Sarwar, Mr. Alamgir Durrani, and Ms. Aania Alam.
In his address to the SMEDA Board Meeting, Rana Tanveer Hussain shared that the current government has approved a special SME Development Fund amounting to Rs. 30 billion, with an initial allocation of Rs. 5 billion. He expressed optimism that the SMEDA (Special Funds) Rules 2024 would facilitate rapid growth for SMEs in the nation. He also noted that the formation of the new SMEDA Board had been pending for a couple of years, and on September 20, 2024, the Federal Cabinet granted approval for the immediate establishment of the SMEDA Board.
He further indicated that the Federal Government is actively promoting SME development to foster a supportive business environment, helping SMEs tackle existing challenges. He mentioned that the Prime Minister of Pakistan has set up a Steering Committee on SMEs to oversee and monitor SME development in the country. This committee is responsible for supervising initiatives and ensuring the execution of the National SME Policy. Decisions made during NCC meetings are vital for SME growth in Pakistan, and all relevant departments have been urged to do everything possible to implement these decisions. He expressed hope that the resolutions reached in the current SMEDA Board Meeting would empower SMEDA to effectively support the SME sector with enhanced capacity and dedication.
