Islamabad: According to news reports, Federal Minister for Industries and Production Khusro Bakhtyar said on Wednesday (November 10) that the government is implementing inclusive policies and taking new initiatives to strengthen the country’s SMEs sector.
Minister Bakhtyar stated that the government intends to alleviate the situation by lowering import levies on raw goods and increasing financing through microfinance institutions. The minister told delegates from the country’s various chambers of business that the government had decreased import levies on raw materials by 50% in the previous two years, and that they will be reduced to 70% in the coming years.
He also mentioned that the new SME policy will be designed and implemented in close consultation with all stakeholders in order to be more open and inclusive. He also stated that the government will confer with the SME sector on taxes and tariff rationalisation on various SME-related imports, which will aid in job creation. The conference was also informed that the new SME strategy will provide the industry with innovative and better facilities.