LAHORE: The Lahore Chamber of Commerce & Industry Wednesday strongly reacted to the SME Bank privatization plan and urged the government to shun the idea for the sake of Small and Medium Enterprises.
In a statement issued here, the LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan said that privatization of Small and Medium Enterprises Bank is an illogical decision that has been taken without taking stakeholders on board. They said that SME Bank of Pakistan is supporting and developing the SME sector by providing necessary financial and technical assistance on a sustainable basis. They said that SME Bank of Pakistan is also enabling the SMEs to contribute to economic development through value addition and exports and is also promoting entrepreneurship and creating employment opportunities.
The LCCI office-bearers said that in the present scenario when SME Bank is fulfilling its responsibilities in a good manner, it privatization is incomprehensible. They said that instead of selling it off, government should shift its focus to the SME sector of Pakistan as these are considered the engine of economic growth in both developed and developing countries. They said that Small and Medium Enterprises of Pakistan are providing employment to the millions of people besides playing a significant role for economic uplift of the country.
“Selling-off of Small and Medium Enterprises (SME) is not a good option as its buyer would think only about profiteering, not about the SME sector of Pakistan therefore government should shelve the plan of its selling and think about the Small and Medium Sector of Pakistan”, the LCCI office-bearers concluded.
