LAHORE    -  Small and Medium Enterprises Development Authority (SMEDA Monday evolved a 10-year Cluster-Based Development Plan for growth of the SMEs sector. Federal Secretary Industries and Production Dr Fakhar e Alam Irfan unveiled the plan here at a ceremony arranged by SMEDA. SMEDA Chief Executive Officer Socrat Aman Rana, GM (Policy & Planning) Ms. Nadia Jehangir Seth and GM (Outreach Division) Raja Hassanien Javed also addressed the ceremony.

On this occasion, federal secretary said, “Our nation’s economic landscape thrives on the dynamism of small and medium enterprises (SMEs), which play a pivotal role in driving growth, innovation, and job creation.” He noted that the ten-year Cluster Based Plan for SMEs included five sectorsfruits & vegetable processing, e-bike, pharmaceutical, sea foods, and marble & granite. These studies, on these sectors, are a result of the collaboration between the SMEDA and the Ministry of Planning, Development and Special Initiatives, guided by the consultation with private sector.

The plan has been meticulously charted based on the selected sectors potential for growth of exports and employments that also aligns with our Strategic Trade Policy Framework (STPF) for 2020-25, he said, adding that the given facilitative clusterbased development plan is the key to unlocking the tremendous potential within the SMEs, propelling us towards a path of lasting prosperity. He hoped that the recommendations put forth in the reports are all pertinent and their implementation would definitely shape a better future of the SME sector. To achieve all of this, he called for collaboration between the government, businesses, and citizens through regular consultations, feedback mechanisms, and transparency. He hoped that the visionary roadmap crafted by SMEDA would enhance exports, employments in the country.

Earlier, the SMEDA Chief Executive Officer Socrat Aman Rana explained SMEDA’s role in economic development of the country and highlighted the potential of five selected clusters in the plan. He said that the potato cluster can generate $339 million by value addition and the marble & granite cluster can achieve an annual value-addition of $48 million. The seafood cluster’s exports of $456 million can multiply manifold, the e-bike cluster can surpass its current installed capacity of 1.3 million units, and the pharmaceuticals sector can become a globally preferred market, surpassing its FY22 exports of $268.94 million, he added and acknowledged government support for SMEDA’s development initiatives including the establishment of a Rs 30 billion SME Fund, the development of SME Credit Rating Systems to improve access to finance, and a robust National Women Entrepreneurship Policy to economically empower women and youth.

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 percent, adding Rs 540 billion to the economy, he said.