SCCI hosts inaugural meeting of the SME Support Initiative

The meeting provides essential tools and other support facilities for the small and medium enterprise sector to improve its ability to leverage investment opportunities, expand its reach and achieve its development and investment goals; and contribute in strengthening and diversifying the national economy.

A detailed presentation was conducted during the gathering about the consulting and financial services to be provided for the SME sector, while the initiative's strategy and its marketing and services programs were also outlined.

The launch of the SME Support Initiative is in line with SCCI's commitment to strengthen its active relations with its partners as they promote sustainable development, encourage positive contributions from other sectors and stimulate collaboration with SMEs, which have a very important role in cultivating the growth of the local and national economy.

Addressing the meeting, Hussein Al Mahmoudi, Director General of SCCI said,

"This meeting is in line with the SME Support Initiative, which has been established to support SMEs and to promote their role in the diversification and consolidation of the national economy, particularly in this time of global financial crisis. The SME sector plays a vital role in achieving sustainable economic growth, especially with its capacity to generate new jobs, which helps address unemployment in the emirate. In this sense, the meeting will help us find effective ways to fund and support great ideas and projects in the SME sector, which are geared towards creating new investment opportunities and improving technology adoption among business organizations. Moreover, it is our goal to encourage businesses to develop their own initiatives and economically feasible projects."

The SME Support Initiative has been launched at a highly opportune time as the emirate has witnessed an increase in investments by SMEs, which now account for 80% of the total number of businesses operating in various economic sectors in the emirate - a trend that is reflected all over the world as the SME sector has certainly emerged as a key factor in the development of economies of several countries.

Al Mahmoudi added, "Through this initiative, we aim to highlight the importance and potential of SMEs and to discuss ways to leverage the available services and infrastructure facilities in the emirate to promote Sharjah as a favorite investment destination of SMEs. Furthermore, we will also work closely with the various government agencies and financial institutions as we encourage SMEs to adopt sustainable strategies and concepts in business, including the adoption of modern technologies, quality standards, organizational performance and intellectual property rights among others, which will help them achieve success at the local and regional level."

The SME Support Initiative complements the SME Strategy launched previously by the SCCI, with aims to help SMEs actively participate in national investment and development initiatives; develop an excellent administrative and legal environment; strengthen partnerships and communication lines between establishments; and overcome organisational and financial challenges, particularly in view of the current economic conditions.