Karachi: IFC, a member of the World Bank Group, sponsored a conference to improve the business climate for smaller companies in Pakistan, an initiative designed to propel economic growth across the country.
The Small and Medium Enterprises Annual Conference, held on Oct. 6 in Gujranwala, brought together over 200 entrepreneurs, government officials, and development professionals.
They discussed issues on the regulatory framework governing small and medium enterprises and the performance of the SME sector, which currently accounts for 40 percent of Pakistan’s GDP. They also discussed ways to support entrepreneurs.
“Small and medium enterprises are the driving force for any developing country’s economy, and our objective is to enhance entrepreneurial capacity in Pakistan,” said Javed Iqbal, a Project Officer with IFC. “By unlocking the potential of these businesses, we can stimulate fair and equitable economic growth across the country.”
The conference was associated with IFC’s Business Edge training program, which helps SMEs build their management capacity and gain access to financing, elements that are critical to their growth.
To date, Business Edge has trained 1,400 owners and managers of small and medium enterprises in Pakistan, and has eight accredited training partners across the country. It has also signed training agreements with several well-known institutions, including the Aga Khan Foundation, Silk Bank, and Standard Chartered Bank.
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