D-8 Nations Aim To Boost SME Sector, Target $500 Billion Intra-Trade Volume By 2030

Islamabad: The Small and Medium Enterprises Development Authority (SMEDA) hosted the 8th meeting of D-8 SME governmental bodies, focusing on boosting the sector’s contribution to a $500 billion intra-trade target by 2030. Representatives from D-8 member states—Azerbaijan, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye—participated in the virtual session.

Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, stressed Pakistan’s commitment to transforming SMEs into growth engines. He highlighted their 40% GDP contribution in developing nations, emphasizing their role in job creation and poverty reduction. Pakistan aims to improve SME competitiveness, particularly in textiles, surgical instruments, IT, sports, light engineering, agro-based products, and food processing.

Secretary Industries and Production, Saif Anjum, viewed the D-8 framework as a platform for integrating member countries into the global value chain. He emphasized Pakistan’s dedication to regional economic diplomacy, positioning SMEs as central to growth. The meeting underscored SMEs’ role in achieving Sustainable Development Goals, focusing on financing access, digital transformation, green initiatives, and youth and women empowerment.

SMEDA CEO, Socrat Aman Rana, highlighted SMEs as the backbone of economies, comprising over 90% of businesses globally. He projected SMEs generating over 70% of new jobs by 2030. The D-8, representing a market exceeding 1.3 billion people, aims to increase collective trade to $2 trillion.

D-8 Secretary-General, Isiaka Abdulqadir Imam, highlighted the framework’s role in fostering cooperation. He noted the $157.06 billion trade volume among D-8 countries in 2024, a 10% year-on-year increase. The Nigeria-based D-8 Centre for SMEs is being developed as a hub for innovation and digital integration.

Member states presented national SME development plans, reaffirming their commitment to strengthening SME ecosystems. They agreed to hold bi-annual meetings and develop a roadmap for implementing the SME cooperation MoU. The next meeting is scheduled in Nigeria in six months.