Latest news with #SocratAmanRana
Business Recorder
01-05-2025
- Business
- Business Recorder
SME sector: SAPM extends support to enhance employments
LAHORE: Haroon Akhtar, Special Assistant to the Prime Minister on Industries and Production, Saif Anjum, Federal Secretary Ministry of Industries and Production and Socrat Aman Rana, Chief Executive Officer of the Small and Medium Enterprises Development Authority (Smeda), in a joint statement issued here on Wednesday to mark the International Labour Day 2025, have assured to extend the fullest support to enhance employments and skill development opportunities in the SME sector for labour force of Pakistan in line with the SME development vision of the Prime Minister to be implemented by the Ministry of Industries and Production through Smeda. SAPM said, 'On International Labour Day, we acknowledge the invaluable contributions of workers across Pakistan's industrial and commercial sector,' and emphasized upon the importance of formalizing the informal economy to ensure workers' rights and social protections. He said the Ministry of Industries and Production was working hard to protect workers rights while increasing job opportunities in the SME sector under PM vision. Federal Secretary Saif Anjum informed that the Ministry of Industries and Production (MoIP) in partnership with the ILO had launched 'the Enterprise Formalization Project, which will also formalize the labour force to improve their employability and access to the new job markets by developing the skills required for a just transition in response to climate change. CEO Smeda Socrat Aman Rana said, 'At Smeda, we are committed to look after the complete value chain of SME sector, in which labour plays the pivotal role.' He informed that Smeda development projects also include capacity building initiatives for labour force of the country to provide them with the necessary tools, training, and resources to compete in the job market. He said that over 84 percent of Pakistan's workforce operates informally within the SME and home-based sectors, creating barriers for businesses and workers alike. 'This informality limits access to critical markets, financing, social protections and skill development,' he said and hoped the 'Enterprise Formalization Project' launched by MoIP in collaboration with ILO will remove these anomalies. Copyright Business Recorder, 2025
Express Tribune
26-04-2025
- Business
- Express Tribune
SMEDA partners with global universities
Listen to article The Small and Medium Enterprises Development Authority (SMEDA) has launched a major research initiative under its Research, Regulatory Insight & Advocacy Assistance (RRI&A) project, in collaboration with the Lahore School of Economics (LSE) and the University of Chicago. The study, titled "SME Finance and Lending in Pakistan," seeks to understand why Pakistani SMEs remain underrepresented in formal bank lending. A statement released on Friday said the study will explore key issues such as managerial preferences, search frictions, and informal screening by loan officers. It also aims to assess how targeted application support and advocacy efforts can improve trust and interaction between SMEs and banks. To kick off the initiative, a survey has been launched to collect data from SMEs. Socrat Aman Rana, CEO of SMEDA, highlighted that the study aligns with SMEDA's mission to enhance SME access to financecrucial for economic growth and global competitiveness. Dr Hamna Ahmad, Associate Professor at LSE, noted the importance of applying academic expertise to real-world issues. She emphasised that bridging the academia-industry gap is key to building a sustainable economic foundation. Emma Zhang, PhD Candidate at the University of Chicago Booth School of Business, added that the university's global perspective and research depth aim to shape evidence-based lending practices in Pakistan.
Express Tribune
03-03-2025
- Business
- Express Tribune
SMEDA expands industrial stitching project
The Small and Medium Enterprises Development Authority (SMEDA) held a consultative session with stakeholders from the textile garments manufacturing sector to align the second phase of its Industrial Stitching Units project with the government's Uraan Pakistan programme, aimed at boosting exports through Small and Medium sized Enterprises (SMEs). The session, presided over by SMEDA Chief Executive Officer Socrat Aman Rana, was attended by private sector representatives from the All Pakistan Textile Mills Association (APTMA), Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA), and Pakistan Hosiery Manufacturers and Exporters Association (PHMA). Officials from the Ministry of Industries and Production and the Ministry of Planning, Development, and Special Initiatives also participated via video link. The SMEDA CEO stated that the 1,000 Industrial Stitching Units project was approved by the government in 2018 to provide matching grants (60:40) for new business startups and existing SMEs to establish industrial stitching units. The first phase of the project, deemed a success, is set for completion by June 30, 2025. SMEDA is actively preparing PC-1 for Phase-II in alignment with Uraan Pakistan's objectives. He added that Phase-II will establish 350 units, compared to 150 units in Phase-I. Under Phase-II, 100% grants will be allocated to export-oriented units, unlike Phase-I, which primarily focused on the domestic garment sector. The grant size for Phase-II has also been increased from Rs1.8 million to Rs5.0 million, supporting approximately 50 machines per unit, enabling businesses to handle export orders more efficiently. Project Director Muhammad Raza, in a presentation, shared that under Phase-I, 150 units were facilitated nationwide, with 76 in Punjab, 35 in Sindh, 17 in Khyber-Pakhtunkhwa (K-P) and Balochistan, and one in Gilgit-Baltistan. He highlighted the impact assessment of 93 units, noting that Phase-I created 1,208 new jobs and promoted women's entrepreneurship, with 41% of the stitching units owned by women. Private sector participants acknowledged the success of Phase-I, praising the transparency of the grant process and SMEDA's technical support. They also provided recommendations for Phase-II, which will now cater to multiple textile export sectors, including readymade garments, hosiery, knitwear, denim, leather garments, towels, and sports goods.
