Today, KSA’s Monshaat Authority signed a Memorandum of Understanding (MoU) with Pakistan’s SMEDA, the Small and Medium Enterprises (SME) Development Authority under the Ministry of Industry and Production.
Notably, Ahmed Farooq, the Pakistani Ambassador to the Kingdom, and Sami Al-Hussaini, the Governor of Monshaat attended the signing ceremony. They attended the ceremony on the sidelines of the Public Investment Fund and Private Sector Forum.
Why Did Monshaat Sign MoU with Pakistan?
Monshaat signed the MoU as it aims to:
- Enhance economic, trade, and investment cooperation in (SME) sector in both countries
- Boost their competitiveness in global markets.
MoU Contributes to Exchanging knowledge and experiences
One of the primary goals that Monshaat seeks to achieve is the sharing of expertise and experiences in enhancing institutional infrastructure.
Moreover, it aims to support the growth of small and medium-sized businesses in both nations. Furthermore, Monshaat seeks to arrange mutual work visit to enhance economic relations between SMEs.
Additionally, it looks forward to providing information on relevant business opportunities and supporting training and educational programs for SME.
Another significant goal of the MoU is to develop models, policies, or strategies for entrepreneurship development between the two countries.
Besides, by signing this MoU, Monshaat contributes to enhancing technical and innovative cooperation to improve productivity and competitiveness.
In addition to that, the MoU is important to support promotional activities for available opportunities for SME.
Moreover, the MoU will contribute to developing models, policies, or strategies for entrepreneurship development between the two countries.
Through these agreements, Monshaat aims to achieve the highest levels of cooperation in various sectors to support entrepreneurs and SME owners in achieving the goals of Saudi Vision 2030.
What is Monshaat?
The General Authority for Small and Medium Enterprises (Monshaat) was founded in 2016. It aims to support, develop and govern the Saudi Arabian small- and medium-sized enterprises. It offers a vast array of services and materials to enable owners of small and medium-sized businesses to turn their ideas into profitable endeavours