AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a critical appeal to the Pakistani government, the United Business Group (UBG) has requested the implementation of a relief package aimed at supporting the struggling cottage industry and Small and Medium Enterprises (SMEs) throughout the country. The group highlighted the severe impact of economic challenges, including high utility costs and frequent power outages, which have led to the closure of many businesses within these sectors.
According to United Business Group, the situation demands immediate governmental action to prevent further economic deterioration. UBG leaders, including Chief Patron Mr. S M Tanveer, President Mr. Zubair Tufail, and other key members, emphasized the significant role of the cottage and SME sectors in the national economy. These sectors not only provide substantial employment but also supply essential byproducts to larger industries, which are now at risk due to the ongoing crises.
The group detailed several factors exacerbating the plight of these businesses, including soaring interest rates that have reached up to 22%, making loans inaccessible for many. In response, UBG has proposed a series of measures including deferred utility bill payments for six months and the provision of interest-free loans through SME banks, which could offer crucial support.
Furthermore, UBG has urged both federal and provincial governments to prepare for the upcoming rainy season with advanced measures to prevent potential disasters, highlighting a proactive approach to broader infrastructure challenges.
UBG’s call to action underscores the urgency of targeted government intervention to sustain the cottage sector and SMEs, which are pivotal for the country’s industrial and economic stability. The group remains committed to advocating for the business community and pushing for reforms that will foster a more conducive business environment in Pakistan.
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