Federal Minister for Commerce, Industry, and Investment Dr Gohar Ejaz has announced a focused governmental initiative to support 20,000 small businesses, a strategy aimed at addressing the nation’s $20 billion trade deficit.
Addressing at the US-Aid Investment Summit, the minister said that if each of these 20,000 small businesses can generate revenue of one million dollars, it would significantly reduce the trade deficit of the country. This goal, according to Ejaz, is achievable within a year.
Emphasizing the importance of small and medium-sized enterprises (SMEs) in the national economy, Dr Ejaz revealed that the government is implementing various initiatives to strengthen this sector. These measures are part of a strategic shift to boost the SME sector, which is vital for economic growth.
To facilitate this goal, Dr. Ejaz informed that the Ministry of Commerce has organised international trips for SME owners to countries including Egypt, China, and the GCC states. The purpose of these visits is to explore new markets and expand trade opportunities. These efforts have already started showing positive results in enhancing international trade ties.
This new focus on small businesses by the government is a critical step towards achieving a balanced trade scenario and solidifying the country’s economic stability.
