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SECP seeks funds for project developed to promote corporatisation

KARACHI (June 05 2003) : The Securities and Exchange Commission of Pakistan (SECP) has requested for funds for its project proposal developed to promote corporatisation in the economy which would focus on bringing Small and Medium Enterprises (SMEs) into the corporate net.

According to a working paper prepared by the Ministry of Industries and Production for the sub-committee meeting held in Islamabad in the late last month, the aim of the project is to further simplify the procedures and laws relating to registration of companies and creating awareness of the benefits of corporatisation and the procedures involved.

SECP intends to appoint consultants to review the existing laws of companies registration in Pakistan and propose changes that would facilitate the process. For this purpose, SECP has requested for 20-25 thousand dollar out of the World Bank IDF grant of 330,000 dollar.

Small and Medium Enterprise Development Authority (SMEDA) had also requested to provide funds of 15,000 dollar out of the IDF grant for developing SMEs website and tool kit.

Realising the need of SMEs and need to provide a focal virtual information tool for them.

SMEDA has designed and developed a website which incorporate basic contents in local language to take on the challenge of developing SMEs in Pakistan.

To keep the SMEs abreast of international technological trade trends and enhance their access to the rest of the business world, SMEDA has developed SMEs tool kit.

It will also enable SMEs to improve their competitiveness and management practices necessary to grow their business.

This tool kit offers a range of rich interactive contents to help educate small business owners and managers in the core business areas.

It is being designed to translate and localise it in local language versions in co-operation with partners in developing countries.

Smeda website and SMEs tool kit can support and compliment each other by providing rich contents in Urdu in the common target market ie SMEs sector. Smeda's website database will be managed at IFC SMEs tool kit.

This project proposal after its completion in six months with availability of funds will help to: improve regulatory frameworks for the operation of SMEs, provide information on new technologies, increase in e-readiness of SMEs, enhance productivity and improve quality, improve the investment climate and export competitiveness and also supplement the deregulatory reforms.

SMEDA has estimated 15,000 dollar or Rs 8,61,000 the total cost of this project proposal and requested the Ministry of Industries and Production to provide the funds.

The sub-committee also considered selection of consultant for conducting of study of industrial vision and industrial policy parameters.

Pakistan Institute of Development Economics has shown its willingness to undertake the study as per the terms of reference proposed by the Ministry of Industries and Production.

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