Govt urged to establish business incubator centers, technology parks to promote SMEs

Govt urged to establish business incubator centers, technology parks to promote SMEs
ISLAMABAD—President, Islamabad Chamber of Commerce & Industry (ICCI), Mian Shaukat Masud has urged the government to establish business incubator centers and technology parks to spur the growth of SMEs and to promote sustainable economic development in the country
Addressing a meeting of ICCI Sub-Committee on SMEs, President ICCI said that SMEs are considered the engine of economic growth in both developed and developing countries, but SMEs in Pakistan are still unable to achieve their maximum potential due to multiple factors.
He said promotion of SMEs is crucial for Pakistan as they create new jobs, accelerate rural industrialization, contribute significantly to export revenue and strengthen the economy.
Chairman ICCI Sub-Committee on SMEs Muhammad Ilyas said establishment of business incubator centers will accelerate the growth and success of SMEs through an array of business support resources and services including physical space, capital, coaching, common services, and networking connections while the setting up of technology parks would promote the culture of innovation and competitiveness of businesses and knowledge-based institutions in Pakistan.
Mian Shaukat said developed world has obtained excellence in economic growth by setting up business incubators and technology parks to market their indigenous technologies by capturing world market and Pakistan should establish these facilities to emerge as a thriving economy and to integrate itself into the knowledge economy.
He said many African countries have also embarked on projects for the establishment of business incubators and technology parks to promote businesses while emerging economies including Brazil, South Korea, Malaysia, Turkey, Singapore and India have also achieved their economic goals by adopting this technique.
He said government should develop a comprehensive Business Model for this purpose and the main objective of this model should be the development of a sustainable network of incubation-related facilities that would spur the competitiveness and productivity of small and medium enterprises (SMEs).