KARACHI, May 26: Developing and promoting small and medium (SME) sector in Pakistan is the need of the hour to successfully meet the economic challenges being faced by the country.

This was stated by the chairman of Korangi Association of Trade and Industry (KATI), Ehtesham Uddin, here on Saturday while speaking at a training course on 'Business edge training methodology', jointly organised by Business Support Fund (BSF), Ministry of Finance, and IFC (International Finance Corporation) partner, New World Concepts at KATI's premises.

Ehtesham maintained that SME sector bears most of the burden of employment in the country and needs to be encouraged by the government.

He believed that SME sector has the potential to turnaround Pakistan's economy.

KATI chief said that the countries, like Japan, have become economic power of the world by encouraging and developing SME sector whereas this area was not being duly encouraged in Pakistan despite being the major contributor to national economy.

He urged the banks and DFIs to finance SMEs on priority basis in order to strengthen the country's economy and eliminate unemployment.

New World Concepts' CEO Yasmin Hyder, while speaking on the occasion said that KATI has taken the lead to support the launch of this valuable initiative offering world class training opportunities for the growth of businesses in Karachi.—APP