RIYADH, 17 Nov – The first-ever introductory workshop for the empowerment of small and medium enterprise (SME) exports kicked off in Riyadh on Thursday.
The workshop comes as a result of a trilateral memorandum of understanding signed in April between the International Islamic Trade Finance Corporation (ITFC,) the Saudi Export-Import Bank (Saudi EXIM,) and the Small and Medium Enterprises General Authority (Monsha’at.)
The MoU and ensuing workshop are in line with the targets of the Kingdom’s Vision 2030 in regard to increasing the contribution of SMEs and non-petroleum exports to the gross domestic product.
The workshop intends to help SMEs become more competitive, expand their businesses regionally and internationally, build and grow their export capabilities, and provide them with easily accessible consulting and credit services for export purposes.
These benefits are being presented in collaboration with the Saudi Export Development Authority, a key government agency that facilitates private business exports with a special focus on SMEs.
The workshop also introduces and familiarizes participants with the SME Exports Empowerment Program and the services available to small and medium business groups.
The inaugural program began with a training seminar covering the basics of exports for SMEs, followed by an interactive session for small and medium business owners.
The program’s joint working plan revolves around expanding the capabilities of SMEs, enabling them to access export markets through specialized training programs and information seminars about export opportunities, organizing trade delegations, and providing credit solutions that empower export activities.
His Excellency Eng. Saad Alkhalb, the Chief Executive Officer of Saudi EXIM, said that the workshop marks the beginning of a series of activities outlined in the MoU.
Alkhalb emphasized the importance of SMEs to the national economy, pointing out that every export-import banking and export credit institution should focus on meeting the needs of small and medium exporters, thus helping broaden the economic base, creating jobs, and boosting the private sector’s contribution to the national economy.
Hani Sunbol, the CEO of ITFC, stressed that the corporation provides a great deal of support to SMEs given their essential role in keeping the economy in a progressive state and creating jobs.
This workshop, he added, is yet another step in the efforts of the three sides to support Saudi small and medium exporters as part of Vision 2030’s targets for a more vibrant and diverse economy.
The program, he said, will offer a multitude of solutions to corporate benefactors from financing and capability building to consulting and wider access to global markets.
-ENDS-
