KARACHI -  The Pakistan Stock Exchange (PSX) on Friday signed a Memorandum of Understanding (MoU) with Gilgit-Baltistan Chamber of Commerce and Industry (GBCCI) for mutual cooperation and collaboration to facilitate access to equity financing for Small and Medium Enterprises (SMEs).

GBCCI President Imran Ali and PSX Regional Incharge Islamabad Asghar Abbas Naqvi signed the MoU on behalf of their respective organisations. The team designated by PSX to promote mutual collaboration include Sarmad Hussain, Regional Head Lahore; Asghar Abbas Naqvi, Regional Head Islamabad; Muhammad Abdullah, Head of Special Projects; Asmaa Saleem Malik, Manager Operations and Imran Lakhani, Officer Special Projects.

An awareness session was also held to promote the SME Board. Gilgit-Baltistan Governor Mir Ghazanfar Ali Khan was the chief guest of the session. The session was attended by women entrepreneurs, distinguished businessmen based in Gilgit-Baltistan, members of the Executive Committee of GBCCI and representatives of Zahid Latif Khan Securities. The governor requested the officials of PSX to introduce special packages for investors and the business community of Gilgit-Baltistan. He believed that this would help in generating job opportunities for the residents of Gilgit-Baltistan.

It was mutually agreed that PSX and GBCCI would hold joint awareness sessions to promote the SME Board. Representatives of SECP and brokerage houses would be invited to take part in such awareness sessions. GBCCI agreed to draft feasibility studies of viable businesses in Gilgit-Baltistan, which have good future prospects, in consultation with the business’s owners. The feasibility studies would later be shared with investors throughout Pakistan who are interested in investing in local businesses.

It was also agreed that the existing consultants of Gilgit-Baltistan would be introduced to other experienced TREC holders. The aim would be to develop a specialised pool of consultants in Gilgit-Baltistan. Women entrepreneurs, who attended the awareness session, showed keen interest in opening a brokerage account and also in expanding their own businesses.