National News

ISLAMABAD, Oct 17 (APP): The success of small and medium enterprises (SMEs) sector depends on strong linkages with academia for research and global competitiveness as well as on collaborations with both domestic and international markets. The government should promote SMEs to reduce unemployment, Patron Islamabad Chamber of Small Traders, Shahid Rasheed Butt said. In a statement issued here, he said, focus on SMEs can also help offset impact on exports and investment. He said that ninety-six percent businesses fall under the category of SMEs therefore there is a need of setting up a separate ministry for this sector. The SME sector is the backbone of the economy providing jobs to majority of the labour which has changed fate of many countries including China, Japan, Malaysia, Korea and Thailand, he said. Shahid Rasheed Butt said that SMEs are facing problems like energy shortage, 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.