SMEs lack access to proper financing
KARACHI: Participants of the sixth SME (Small and Medium Enterprises) conference held in a local hotel on Wednesday agreed that SMEs had no access to proper financing and more than 70 percent small enterprises were sinking. Former law minister Barrister Shahida Jameel, President Union of Small and Medium Enterprises (Unisame) and director Small and Medium Enterprises Development Authority (SMEDA) Zulfiqar Thaver, director SME State Bank of Pakistan Samar Hasnain, president Karachi Chamber of Commerce and Industry (KCCI) Mian Abrar Ahmed, chairman Citizens’ Police Liaison Committee (CPLC) Ahmed Chinoy and others spoke at the conference. Jameel said that while the world was employing the best competing practices and business ethics, corruption was rampant in Pakistan. Hasnain said that SMEs were generating up to 90 percent employment in the world and contributed around 70 percent to the GDP. There were around 3.2 million SMEs in Pakistan with 44 percent contribution from rural areas and 56 percent contribution from the urban areas. “SMEs have a larger number of failures in business,” he said. India has made good progress in the SME sector and established an SME bank as well, he said, whereas SME lending has declined in the world. Ahmed said that there was need to establish an SME bank in Pakistan and cut down tax for the small businesses. We recommend you visit the following site for more complete information and related topics. Article source: http://www.thenews.com.pk/Todays-News-3-130235-SMEs-lack-access-to-proper-financing