Supporting SMEs a priority for advancing national economy: Al Falasi

Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, SMEs, confirmed that supporting SMEs is a top priority in the Ministry’s agenda and in ensuring the growth of the national economy in the future.

During a meeting with a number of local entrepreneurs from across the UAE and representatives of institutions and SMEs incubators, he noted that the business ecosystem is currently focused on adopting tangible measures to find practical solutions to all challenges related to entrepreneurship and strengthening mechanisms for its stability and prosperity across the country’s various vital sectors.

The meeting was attended by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade; Sanad Al Meqbali, Chairman of the Board of the Emirati Entrepreneurs Association; and Ibrahim Shahin, Vice President of the Emirati Entrepreneurs Association and discussed the demands of local entrepreneurs, representatives of institutions and SMEs incubators. It also discussed the need to set a clear vision to identify the priorities and procedures during the next stage.

Dr. Al Falasi exchanged his views with the participants on the most important topics related to empowering entrepreneurs and creating a new business approach based on cooperation and strategic partnership between Ministry of Economy and entrepreneurs to find common solutions that contribute to the prosperity of the industry and its growth.

He said,

"Several measures have been adopted at the federal and local levels to support the sector and increase its contribution to the national economy. SMEs have received a great deal of attention from the UAE and local governments during the past months in light of the COVID-19 crisis in the form of support and economic stimulus packages that have been announced. The Ministry of Economy and its partners will continue to work towards initiating these projects and supporting the capacity and continuity of their activities, which will have a tangible positive impact on the country’s SME sector."
"SMEs represent the backbone of the global economy and serve as a flexible tool for governments to support their economies. The sector makes up about 90 per cent of companies in the world, and in some developed countries such as South Korea and Japan, its contribution reaches up to 99 percent. SMEs contributed 52 per cent to the UAE's non-oil GDP in 2017.
"The Government of the UAE seeks to continuously enhance the competitiveness of the business environment in the country and introduce various programmes and policies that contribute to maintaining the advanced position of the country globally. As a result, the UAE ranked fifth globally in entrepreneurship according to the Global Entrepreneurship Monitor, GEM, index."

He further underscored MoE’s keenness to work intensively along with all partners at the federal and local levels through the UA SME Council and the National SME Programme.

News Source: http://wam.ae/en/details/1395302854638

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