FAISALABAD, 10 NOV (DNA) — President Faisalabad Chamber of Commerce & Industry (FCCI) Arif Ehsan Malik has welcomed the federal government’s decision to allocate Rs300 billion for Small and Medium Enterprises (SMEs) under the Export Refinance Scheme, terming it a significant step towards economic stability, revival of industrial activity and expansion of the country’s export base.
In a statement on Tuesday, he said that activating the SME sector was essential for achieving sustainable economic growth and enhancing Pakistan’s export volume. Against the backdrop of the ongoing global economic crisis, the government’s timely initiative would play a key role in accelerating industrial production and restoring confidence in the private sector, he added.
He pointed out that Faisalabad’s textile and other export-oriented industries had been facing considerable pressure due to limited access to capital and rising production costs. The allocation of Rs300 billion under the Export Refinance Scheme would facilitate their access to affordable financing and enable Small and Medium Enterprises to strengthen their production capacity and bring their products in line with international export standards, he added.
He expressed confidence that improved access to financing would help accelerate national exports, strengthen industrial competitiveness and create new employment opportunities, particularly in export-oriented sectors. FCCI President appealed the federal government to ensure fair and transparent distribution of funds and direct the commercial banks to simplify their lending procedures so that small industrialists could benefit from the scheme without having to go through complicated documentation and cumbersome formalities.
He stressed that effective implementation of the initiative and easy access to financing were imperative to ensure that the benefits of the scheme reached the businesses most in need of financial support. He assured the government that the business community would utilize all available resources and play its full role in achieving the country’s export targets. — DNA
