Industrialization, Vital for Economic Stability: RCCI

APP
Rawalpindi: Acting President Rawalpindi Chamber of Commerce and Industry (RCCI) Faisal Shahzad has said that the country’s economy could be put on the path of stability by promoting industrialization in the country.
In a statement, he said that no doubt industry played a major role in the success of any country’s economy; however, the small and medium enterprises (SMEs) sector, being an important component of any industry, helped the industry grow manifold.
He said that SMEs play an important role, especially in developing countries, and are a major part of business worldwide.
Faisal added that they were a major source of job creation and a contributor to global economic growth, while SMEs account for about forty percent of GDP.
He said that a lack of financial access was a key obstacle to SME development.
The Small and Medium Enterprise Development Authority (SMEDA) estimated that there were more than 5 million SMEs in Pakistan, adding that SMEs contribute 40 percent to Pakistan’s GDP and 25 percent to total exports.
He further added that after the agricultural sector, the SME sector provides the most employment to the working population in the country.