STRUCTURAL REFORMS AND SUSTAINABILITY IN SME SECTOR
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1 STRUCTURAL REFORMS AND SUSTAINABILITY IN SME SECTOR Presentation by Shahzad Ahmad Cheema General Manager Operations & Regional Head (Officiating) NBP Gujranwala Region Ph: Fax: At Organized by 5 th SME Conference October 6, 2011 Shamrock Conferences International
2 What are SMEs? An entity, ideally not being a public limited company, which does not employee more than 250 persons (manufacturing) and 50 persons (trade / services) and also fulfills one of the following criteria: A trade / services concern with total assets at cost excluding land and buildings up to Rs 50 million. A manufacturing concern with total assets at cost excluding land and building up to Rs 100 million. Any concern (trade, services or manufacturing) with net sales not exceeding Rs 300 million as per latest financial statements. As per State Bank of Pakistan Prudential Regulations
3 Importance of SMEs SME growth strategy is critical for Pakistan. This requires private sector development, deep reforms, a broad public debate and a complete commitment by govt. We have to address complex and long term structural issues, product innovation and increased connectivity for better urban and rural management to ensure level playing for all concerned. There is also a need for vibrant and competitive markets, quality governance, institutional strengthening, human development and energetic youth.
4 Contribution of SMEs in Economic Growth 3.2 million SMEs in Pakistan SMEs which are employing up to 99 persons constitute over 95% of all enterprises SMEs employ nearly 80% of the non-agriculture labour force SMEs contribute 40% of GDP SMEs are more labor-intensive than large enterprises The significance of SMEs is associated primarily with their role in stimulating economic growth.
5 Structural Facilities Provided by the Government Establishment of Industrial Estates Setting up of Technical Service Centers Providing Marketing facilities Providing Pre-Investment guidance and counseling for new customers Handicraft Development Center Issuance of Specific SBP Prudential Regulations for facilitating financing to SMEs. Launch of Credit Guarantee Scheme for SMEs by SBP.
6 Organizations Working for the Development of SMEs Advisory & Facilitation Bodies Regulatory Institutions Organizations NGOs, Technical Education Institute & trade Associations Financial Institutions
7 Organizations Working for the Development of SMEs Advisory & Facilitation Bodies Small & Medium Enterprise Development Authority (SMEDA) Business Support Fund (BSF) Pakistan Small Industrial Corporation (PSIC) Punjab Small Industrial Corporation (PSIC) Sindh Small Industrial Corporation (SSIC) The Small Industries Development Board (SIDB) - Khyber Pakhtunkhuwa The Directorate of Small Industries Baluchistan Regulatory Institutions State Bank of Pakistan (SBP) Federal Board of Revenue (FBR) Securities and Exchange Commission of Pakistan (SECP) Trade Development Authority of Pakistan (TDAP)
8 Organizations Working for the Development of SMEs Financial Institutions (FI) Commercial Banks (especially SME Bank) Micro Finance Banks Non-Governmental Organizations (NGOs) For example: Kashf Foundation Technical Education & Skill Development Institutes For example: Technical Education & Vocational Training Authority (TEVTA) Trade Associations / Chambers of Commerce For example: Gujranwala Chamber of Commerce & Industry
9 SBP s Focus on SMEs Current Schemes Re-Finance for Re-Modernization Financing for New Plant & Machinery Credit Guarantee Scheme (Rural) No Collateral, however, it discourages FIs due to high risk SBP refunds 70% of defaulted loan, however only after post facto audit which makes FIs shaky Same Prudential Regulations (PRs) for all SMEs Financing from Rs to Rs. 100 Million is regulated by the same PRs PRs for smaller SMEs should be lenient
10 Priority Sectors Sports Goods Gems and Jewelry Handicrafts Leather Goods Surgical Items Cutlery Fisheries Dairy Light Engineering Furniture Marble & Granite Ceramics & Sanitary
11 Problems & Challenges Faced by SMEs And Structural Reforms Needed for their Sustainability A) Lack of Finances & Capital Problems SMEs are relatively smaller organizations so they have limited finances and capital at their disposal. SMEs fulfill 90% of the finances demands from equity or informal sources. Lack of capital could be addressed by SBP, Financial Institutions (FI) and NGOs. FIs demand as much documents from SMEs as from corporate clients. Default ratio of SMEs is approximately 30% so considering a high risk sector banks avoid lending to SMEs
12 Solution Documents should be reduced and simplified. Relief in markup should be provided to SMEs for growing sectors of economy Bankers should be trained to help SMEs in selection of business NGOs should provide finance where banks couldn t finance due to lack of documentation Turnaround time for SMEs loan application should be reduced to 20 days Cash flow based lending should be encouraged instead of collateral based lending for smaller SMEs. However, this scheme should take into account the ground realities of our market. Startup businesses should be provided access to formal means of finance Processing, valuation, mortgage and other legal fees should be as less as possible
13 B) Lack of Skilled Human Resources Problem Un-skilled manpower Lack of managerial skills in the entrepreneurs Solution NGOs, training institutes and trade associations could provide the necessary training Female entrepreneurs should be provided training to start up their own businesses.
14 C) Lack of Market Knowledge Problem SMEs have inadequate knowledge about the market in which they are operating. They do not know what exactly is happening in national or international market? Solution Advisory Institutions (SMEDA), Trade Associations, NGOs and FIs should provide the necessary advice to SMEs Trade Associations should facilitate SMEs for participation in international fairs & exhibitions D) Lack of Awareness about Technology Problem SMEs are not up to date about new technologies Solution Advisory Institutions (SMEDA), Trade Associations and technical Training Institutes should impart necessary training Trade Associations should send working papers to regulators for necessary relief in duties and markup especially for new technology equipments
15 E) Taxation and Licensing Problems Problems SMEs are Less documented as per tax requirement Fear that documentation may expose to excessive taxes License Fee are sometimes very high Solution Advisory Institutions, Trade Associations and FBR should review tax problems Unnecessary documents should be eliminated An easy process must be devised for tax assessment Licensing Policy should be fair License fees should be nominal
16 F) Power Crisis Problem Electricity and gas crisis is badly hurting the SMEs. SMEs do not have the resources to employ alternate power resources Solution Energy efficient production methods should be utilized. Government should be approached for helping the businessmen
17 Future of SMEs in Pakistan 170 Million population and over 3 Million SMEs are a real potential for economic growth Human resource needs to be trained and educated General public will adopt self employment through SMEs Regulators, FIs and on the larger part government need to provide them a hassle free level playing field by addressing the earlier discussed issues. I believe in hope, courage and confidence. Let us mobilize all our resources in systematic and organized way. We have to tackle the grave issues that confront us with a grim determination and discipline worthy of a great nation. The real success story behind Asian Tigers like South Korea, Taiwan, Hong Kong, Singapore and Malaysia is the development of SMEs. Why can t Pakistan be an Asian Tiger?
18 Thank You
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