LAHORE - SME sector is the backbone of Pakistan’s economy in terms of its contribution towards GDP, employment generation and export development. Financial access is a key driver in developing the SME sector which in turn leads to economic growth of the country.

This was the crux of the speeches of the participants at the SME Financial Expo 2012 arranged by SME Business Support Fund (BSF), Ministry of Finance, Government of Pakistan, in collaboration with State Bank of Pakistan at local Hotel in Lahore.

The event was planned to the launch of BSF’s first SME Development Centre at Sundar Industrial Estate, which is an initiative taken by BSF to foster private sector development in Pakistan by providing high quality information support, competent policy advice and research, ensuring a wide dissemination of best practices of SME support in business community and providing effective professional services to the Industrial Estate.

While giving his welcome remarks, Syed Saquib Mohyuddin, CEO SME Business Support Fund said that SME sector is the backbone of Pakistan’s Economy in terms of their contribution towards GDP, Employment Generation and Export Development.

The SMEs in Pakistan face numerous problems including access to finance which affects the overall productivity of SMEs thus making them uncompetitive across the global value chain.

 He further said that in order to create awareness amongst the SMEs about the financial solutions available for them and to encourage them to become part of the formal economy, banks have to design their financial products catering to the requirement and uniqueness of each sector in Pakistan.