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Business

‘SME sector has growth potential’

FAISALABAD: The small and medium enterprise (SME) sector of Pakistan has the potential to grow at much faster pace, and making its products global can help the country earn billions, said Expandeers Global Network Germany CEO Michael Fisher Reinhard.

While addressing a meeting of the Faisalabad Chamber of Commerce and Industry (FCCI), he said that Europe is the third biggest and sustainable economy of the world.

He said that Pakistan should also encourage its SME sector to contribute its role not only in the domestic but also in the international markets.

Terming the textile industry as the backbone of Pakistan’s economy, Reinhard said, “Its share in GDP is 8.5% while this sector is also contributing 38% share in job creation.” He stressed switching to e-commerce and digital marketing instead of selling products at a low profit to major international buyers.

CPEC is good strategic option for prosperity

KARACHI: Former president of the State Bank of Pakistan Dr Ishrat Hussain saidy that the China Pakistan Economic Corridor is a good strategic option for prosperity.

Delivering a talk on “Economy of Pakistan; past and future” at a day-long seminar on Interplay of Economy and Security, he discussed three possible scenarios: optimistic, pessimistic and emerging through.

He also highlighted the wastage of civil resources. “Anything new is glamorous and attractive but because of poor maintenance and indifference, operation of existing policies bring lots of losses in the country,” he said