Small and medium-sized enterprises (SMEs)
In developing countries, the SME sector is facing a range of challenges, such as lack of capital and financial opportunities, loans with high-interest rates, inadequate infrastructure and unavailability of modern technology, weak trade, and investment opportunities. It should be noted that there are barriers to the growth of SMEs, but they also have a major role to play in increasing employment levels and improving people’s socio-economic conditions and living standards. As stated by the Economic Census of Pakistan 2005) (this is the latest census in Pakistan) 3.24 million well-established enterprises are working in the country. In Pakistan, SMEs constitute nearly 90 percent of entirely private businesses and employ almost 78 percent of the non-agricultural labour force (PBS, 2019).