Minister for Economic Affairs Hammad Azhar has said the government is preparing a policy to uplift the small and medium enterprises.
Addressing Pakistan Innovative Finance Forum organized by Asian Development Bank in Islamabad on Tuesday, he said the new policy is aimed at addressing the challenges in the way of the growth of the SMEs.
The Minister said the government has also taken many other initiatives to promote the SMEs including the Kamyaab Jawan Programme to provide subsidized loans to the youth.
Hammed Azhar noted that the SMEs are backbone of our economy and they have an important role in exports and the economic growth.
The Federal Minister said government is also giving special emphasis on ease of doing business. He said Pakistan has jumped twenty eight points in the World Bank's Ease of Doing Business Ranking.
This, he said, is a great achievement and expressed the confidence that the country's ranking will further improve next year.
Speaking on the occasion, Chairman FBR Shabbar Zaidi said the country's economy is being documented.
He said the present government is taking serious efforts to bring the SMEs including those in the manufacturing sector to the tax system.
Shabbar Zaidi said we have embarked upon the tax reforms program and the focus of it on the simplification of tax laws to bring more people to the tax net.