ISLAMABAD: Federal Minister for Industries and Production Khusro Bakhtyar on Wednesday (November 10) said that the government is making inclusive policies and taking new steps to enhance the Small Medium Enterprises (SMEs) sector in the country, news sources reported.
Minister Bakhtyar revealed that the government aims to provide relief by reducing import duties on raw materials and enhancing financing through Microfinance banks. Speaking to delegates from the country’s different chambers of commerce, the minister stated that the government has reduced import duties on raw materials by 50% in the previous two years, and would further reduce them to 70% in the coming years. He stated that banks are now working with the government to provide loans and boost small-scale industries.
Furthermore, he stated that the new policy for SMEs will be developed and implemented in full collaboration with the stakeholders to make it more transparent and inclusive. He further said that the government will consult with the SME sector regarding levies and tariff rationalisation on different SME-related imports, which will help to increase employment. The meeting was also told that under the new SME policy, innovative and better facilities will be provided to the sector.
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