Islamabad:Prime Minister Muhammad Shehbaz Sharif emphasized the significant potential of small and medium enterprises (SMEs) in Pakistan to enhance the national economy.

According to Radio Pakistan, during a meeting on the Small and Medium Enterprises Development Authority (SMEDA), the Prime Minister stressed the importance of the business community as the backbone of any country's economy. He directed SMEDA to increase the total volume of loans for SMEs from 1.1 trillion rupees to 2.2 trillion rupees by 2028.

The Prime Minister noted that the ongoing reforms within SMEDA focus on empowering small and medium-sized business owners, with a particular emphasis on supporting individuals in underdeveloped areas. He highlighted that such empowerment could curb migration to major cities and contribute to the country's overall development.

He also mentioned the importance of creating opportunities for people in underdeveloped regions to establish businesses in various sectors, which would aid in the progress and prosperity of those regions.

Prime Minister Sharif instructed SMEDA to formulate a comprehensive strategy to maximize public awareness of business loan procedures and promote entrepreneurial activities. He called for feasibility studies on establishing SMEs in various sectors to be prepared by experts and made available in local languages to benefit aspiring entrepreneurs nationwide.

During the meeting, the Prime Minister received a briefing on the ongoing reforms within SMEDA and the initiatives to promote SMEs. The briefing included the development of an AI-based helpline to provide information and guidance in local languages.