Special Day Observed To Highlight MSMEs Role In Country's Economic Progress

An event was held at Sialkot Chamber of Commerce and Industry (SCCI) on Micro, Small and Medium Enterprises (MSMEs) Day, in collaboration with State Bank of Pakistan (SBP) and Sialkot Chamber of Commerce and Industry (SCCI), here today

SIALKOT, (UrduPoint / Pakistan Point News - 27th Jun, 2024) An event was held at Sialkot Chamber of Commerce and Industry (SCCI) on Micro, Small and Medium Enterprises (MSMEs) Day, in collaboration with State Bank of Pakistan (SBP) and Sialkot Chamber of Commerce and Industry (SCCI), here today.

The seminar was attended by Chief Manager State Bank of Pakistan (SBP) Fouzia Aslam. Chairman SCCI Departmental Committee on MSMEs Faizan Akbar and representatives of all private banks including SMEs entrepreneurs of Sialkot.

Speaking at the event, SCCI Vice President Amer Majeed Shaikh said the main objective of organising the seminar is to highlight the importance of MSMEs in Pakistan's economic growth and creating wide employment opportunities and to provide awareness about financing scheme issued by State Bank of Pakistan (SBP) for MSMEs.

He said that the MSME sector was the backbone of any country's economic and industrial development, which provides the most employment to people in the country. He said that there are currently more than 3.2 million small and medium scale industries established in Pakistan, of which 45pc are located in urban areas and 55pc are located in rural areas. Currently, about 50 per cent of people's employment is related to this, he added.

"If we examine development of all developed countries of the world, it becomes very clear to us that all the industrialised countries have developed thought small and medium scale industries instead of achieving growth through large scale industries," he added.

Sheikh said that according to an estimate, the MSMEs account for 90pc of business, 60pc to 70pc of employment and 50pc of GDP worldwide. He said the city of Sialkot was a centre of more than 7500 MSMEs. Like Japan, Germany, Taiwan and Korea, the MSMEs culture has also developed a lot in this city. He said that Sialkot is the only export city of Pakistan where 99pc of the manufactured goods are exported.

Sheikh said that Sialkot's development in cottage industry is considered as a role model for developing countries of the world.

About the seminar, SBP Chief Manager Fouzia Aslam said the objective of organising the seminar titled "SME Finance Catalyst for Inclusive Growth” at SCCI was to create inclusive economic growth, employment opportunities and to acknowledge the key role of joint cooperation between MSMEs and SBP in poverty reduction.