ISLAMABAD: The government is committed to transforming small and medium enterprises (SMEs) into drivers of sustainable growth and key players in the ongoing industrial revolution, said Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan on Wednesday.
He made these remarks during the first virtual conference of the D-8 Organisation for Economic Cooperation, which brought together representatives from Azerbaijan, Bangladesh, Indonesia, Malaysia, Nigeria, Pakistan, and Türkiye.
An official statement issued after the event noted that the conference was moderated by Ambassador Isiaka Abdulqadir Imam, Secretary-General of the D-8 Organisation, and Socrat Aman Rana, Chief Executive Officer of the Small and Medium Enterprises Development Authority (SMEDA).
Mr Akhtar emphasised that SMEs contribute approximately 40 per cent to GDP in developing economies, underscoring their critical role in job creation, innovation, and poverty reduction. “SMEs are the backbone of our economy and the foundation of regional economic integration,” he stated.
D-8 targets $500bn intra-trade volume by 2030
He further highlighted that Pakistan’s SMEs, particularly in sectors such as textiles, surgical instruments, information technology, sports, light engineering, agro-based products, and food processing, are globally recognised for their quality and competitiveness. “We are committed to enhancing their global competitiveness,” he added.
Ambassador Isiaka Abdulqadir Imam emphasised the importance of the D-8 SME Development Framework in promoting cooperation among member countries.
He shared that trade volume among D-8 nations reached $157.06 billion in 2024, marking a 10pc increase from the previous year. The D-8’s strategic goal is to boost intra-trade to $500bn by 2030 under its Decennial Roadmap and the D-8 Preferential Trade Agreement (PTA).
Mr Imam also noted that the Centre for SMEs, set up in Nigeria, is being developed into a hub of excellence focused on advancing innovation, financing, and digital integration. He described the D-8 SME Cooperation Framework as evolving into a key economic engine for sustainable development, job creation, and enhanced competitiveness.
The SMEDA chief executive highlighted that SMEs are projected to generate more than 70pc of new jobs by 2030. He expressed confidence that the D-8 SME Cooperation Framework would strengthen the internationalisation of SMEs, facilitate global value chain integration, and foster international market development. “Together, the D-8 countries, representing a market of over 1.3 billion people, have the potential to raise collective trade volume to $2 trillion,” he said.
Published in Brackly News, September 11th, 2025
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