On June 28, 2024, Federal Minister for Industries and Production, Rana Tanveer Hussain, launched a Ten-Year Cluster-Based Development Plan by the Small and Medium Enterprises Development Authority (SMEDA) during the celebration of International Micro, Small, and Medium Enterprises (MSME) Day.
The ceremony, attended by numerous SMEs, business leaders, and senior government officials, highlighted the plan’s focus on five key sectors: Fruits & Vegetable Processing, E-bikes, Pharmaceuticals, Sea Foods, and Marble & Granite.
Minister Hussain emphasized the critical role of SMEs in driving economic growth, innovation, and job creation. He stated that the plan, developed in collaboration with the Ministry of Planning, Development, and Special Initiatives, aims to enhance exports and aligns with the Strategic Trade Policy Framework (STPF) for 2020-25.
SMEDA CEO Socrat Aman Rana and Deputy Chairman of the Planning Commission Dr. Muhammad Jehanzeb Khan also addressed the gathering, underscoring the potential economic impact of the cluster-based plan. Key initiatives include a PKR 30 billion SME Fund, the development of SME Credit Rating Systems, and a National Women Entrepreneurship Policy.
Rana Tanveer Hussain called for collaborative efforts between government, businesses, and citizens to ensure the successful implementation of the plan, which is expected to significantly boost exports, employment, and GDP over the next decade.
Regarding SMEDA’s future plan, he said, we aim to create one million new enterprises, generating six million jobs and contributing an additional US $3 billion in exports over the next five years. With these initiatives, SMEs’ share in GDP is projected to increase to 44%, adding PKR 540 billion to the economy