Enhanced Domestic Savings, Taxes and SMEs can stabilize economy: Dr. Burki - Press Release issued by Small and Medium Enterprises Development Authority.

Lahore -- March 02, 2023 (PPI-OT)

Following is the text of press release issued by Small and Medium Enterprises Development Authority (SMEDA)

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Dr. Shahid Javed Burki, World renowned Political Economist and the Former Finance Minister of Pakistan has emphasized upon enhancing ratio of domestic savings, tax collection and investments in SME sector for sustainable future development of Pakistan. It was stated by him at a seminar jointly organized by the Small and Medium Enterprises Development Authority (SMEDA) and the Burk Institute of Public Policy (BIPP) today at SMEDA Head Office on "SME Sector Opportunities and Challenges in Pakistan. Mr. Farhan Aziz Khawja, CEO SMEDA delivered address of welcome on this occasion. The seminar was also addressed by other economists including Mr. Shahid Najam and Mr. Babar Yaqoob Fateh Muhammad.

Secretary Industries, MD PSIC, Secretary P and D, Secretary Finance, Federal Ombudsman and a number of the government and business community representatives also attended the seminar online through internet. Dr. Shahid Javaid Burki, who was key speaker of the seminar, advised to follow the Chinese methodology of economic development for Pakistan. He told that when he made the first visit of China in 1965 it was a far less developed country than Pakistan. But, now it has become the world's 2nd largest economy, he said and informed that China had made such quantum leap in development by restricting its SMEs, manpower and technology as per requirements of the global markets.

He said, "the rich opportunities available for SME development in Pakistan also need to be exploited in line with the global standards. He termed it a great challenge for SMEDA and the government of Pakistan in the current macro-economic situation of Pakistan, but without coming up with the world markets, SMEs cannot play its due role in economic development of Pakistan. He pointed out that huge population of Youth and the Agriculture sector were the major strengths of Pakistan, which can play pivotal role in SMEs growth.

The youth should be provided with the market oriented education and training, whereas the agriculture produces should be...