Lahore, The Technical Working Group (TWG) of the Ministry of Industries and Production (MoIP) on Business Formalization reviewed an initial draft of the National Roadmap, proposed by the International Labor Organization’s Consultants, for transition of informal businesses into formal businesses. The review meeting was held at the Small and Medium Enterprises Development Authority (SMEDA) head office today in Chair Saif Anjum, Secretary MoIP. The meeting was attended by Asad Islam Mahni, Additional Secretary Industries and Production, Socrat Aman Rana, CEO SMEDA, ILO Consultants Mr. Usman Khan and Muhammad Awais, besides senior officials of SMEDA. The other members of the TWG from private and public sectors joined the discussion on zoom.
CEO SMEDA Socrat Aman Rana, while welcoming the participant, informed that Over 84% of Pakistan’s workforce operates informally within SMEs and home-based working sector, which creates obstacles for businesses and workers alike, hindering access to critical markets, financing, social protections, and skill development. He informed that the Project is an outcome of an earlier mapping study by ILO and SMEDA, which identified the need of developing a national roadmap for formalizing SMEs and home-based workers, removing barriers to registration and simplifying processes of regulations and operation.
Federal Secretary MoIP Saif Anjum, concluding the meeting, said, collaboration of MoIP with the ILO for Enterprise Formalization Project aims to attract the enterprises operating in informal sector towards formal sector by bridging the gaps in their formalization process. He observed that the informal SMEs can thrive within a formal and supportive economic framework by creating a fearless and conducive environment. He was confident that National Roadmap to be developed for informal Sector’s enterprises will enable SME sector to add substantial value to the national economy.
Earlier ILO Consultant Usman Khan gave a detailed presentation on the proposed National Roadmap for transition of the informal businesses towards business formalization. The presentation carried a number of the proposals for simplifying and incentivizing the registration of the micro enterprises operating in informal sector.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
