Govt working to support SMEs, export-oriented industries: Rafaqat

LAHORE: Secretary Planning & Development Board Punjab Rafaqat Ali said at a meeting held at Lahore Chamber of Commerce and Industry that the government is taking practical steps to improve the country’s economic situation, and close coordination with the private sector is necessary to promote industry and trade.

He said the government is working on several pilot programs to support SMEs and export-oriented industries. He added that under the Asaan Karobar Scheme, industries are being provided interest-free financial assistance for export-related value addition, and there is consideration to expand this program further.

On this occasion, LCCI President Faheem Ur Rehman Saigol welcomed him while Vice President Khurram Lodhi and Executive Committee members Rana Shouban Akhtar and Irfan Qureshi were also present.

In his address, Faheem Ur Rehman Saigol said that Pakistan’s economy is approximately 400 billion dollars in size, and Punjab contributes more than 55 percent to the national GDP. Therefore, strengthening Punjab’s industrial base is essential for sustainable growth. He welcomed the provincial government’s decision to increase the development budget for the fiscal year 2025–26 from 842 billion rupees to 1,240 billion rupees, saying it would boost economic activity.

He emphasized that development planning should be made business-friendly so that investment, production, and exports can grow simultaneously. He noted that Punjab has strong potential in value-added manufacturing, engineering goods, processed food, pharmaceuticals, light engineering, and IT services. For this, internationally standard testing and certification laboratories are necessary.

The LCCI President also proposed the establishment of sector-specific industrial parks and special economic zones for the SME sector, where land should be provided on long-term leases at concessional rates. He said SMEs contribute about 40 percent to GDP and 25 percent to exports, and focused attention on this sector could significantly increase employment and exports.