Lahore: The Small and Medium Enterprises Development Authority (SMEDA) has announced a new initiative to promote business registration through its SME Registration Portal, aiming to facilitate the formalization of enterprises across Pakistan. The effort is part of SMEDA's broader strategy to create a supportive business environment for Micro, Small, and Medium Enterprises (MSMEs), aligning with the government's vision for economic growth.

According to Small and Medium Enterprise Development Authority, the initiative is being implemented under the Ministry of Industries and Production, with a focus on supporting the MSME development vision of Prime Minister Shehbaz Sharif. Entrepreneurs, particularly women and emerging businesses, are encouraged to register through the portal or SMEDA's website to gain recognition and competitiveness. CEO SMEDA Nadia Jahangir Seth highlighted the challenges of informality in Pakistan, which limits access to finance and hampers compliance with international standards. She emphasized that registration is a crucial step towards economic opportunity and resilience, providing benefits such as access to finance, improved market credibility, and better integration into value chains.

SMEDA's collaboration with the International Labour Organization is also noteworthy, as it aims to bolster Pakistan's enterprise formalization agenda. This partnership has resulted in the launch of the country's first National SME and Worker Formalization Roadmap, which seeks to simplify business registration and support compliance with labor standards. The roadmap is part of the "SME Formalization and Just Transition" initiative, providing a framework to enhance participation in the formal economy. Through campaigns, training sessions, and digital tools, SMEDA and ILO are working to make formalization more accessible for SMEs across various sectors.