Key Takeaways
- Iftikhar Ali Malik, former president of the SAARC Chamber of Commerce and Industry, calls for cluster-based SME centres.
- These centres aim to promote innovation, digital integration, and improved access to finance.
- Malik emphasizes that SMEs remain a key driver of economic growth and employment.
Former president of the SAARC Chamber of Commerce and Industry, Iftikhar Ali Malik, has called for the establishment of cluster-based centres of excellence for small and medium enterprises (SMEs) to drive sustainable economic growth in Pakistan.
Speaking at a recent event, Malik highlighted that SMEs are crucial for fostering innovation, digital integration, and enhancing access to finance. He emphasized that these sectors continue to be pivotal drivers of both economic growth and job creation across the country.
Malik stated, 'The establishment of cluster-based centres will not only provide a platform for SMEs to thrive but also ensure they remain competitive in an increasingly digitized world.'
According to Malik, such initiatives are essential as they can help SMEs overcome common challenges, including limited access to finance and technology. He further noted that these centres would facilitate collaboration among businesses within the same industry, thereby fostering innovation and efficiency.
Malik also stressed on the importance of digital integration in the success of SMEs. 'In today’s digital age, it is imperative for SMEs to embrace technological advancements,' he said, adding that this would enable them to compete more effectively both domestically and internationally.
The former chamber president highlighted that these centres could serve as hubs where businesses can access training, mentorship, and networking opportunities. This, in turn, would help SMEs improve their operational efficiency and product quality.
Malik concluded by urging policymakers and business leaders to take immediate steps towards establishing such cluster-based centres across the country. He emphasized that this approach is critical for achieving sustainable economic growth and ensuring a robust job market.
'The establishment of cluster-based centres will not only provide a platform for SMEs to thrive but also ensure they remain competitive in an increasingly digitized world.'
Iftikhar Ali Malik, Former president, SAARC Chamber of Commerce and Industry
