Council of Saudi Chambers in drive to promote SMEs

26/11/2014 07:10 AST

The Council of Saudi Chambers (CSC) has launched a training program on small and medium enterprises (SMEs) for its officials from various chambers in the Kingdom.

CSC Secretary General Khalid Al-Otaibi said the program is being conducted in two groups for 27 trainees.

The aim of this program is to develop the skills of the officials and make them know the latest updates on the development of SMEs in the Kingdom, he said.

The program will give them quality tools to improve their performance in the SME sector, he said.

He also said that the CSC has launched the program realizing the need of the skilled local human resources to promote businesses in the SME sector.

“Investment in local human resources will definitely pay rewards in the form of trade development in the Kingdom,” he added.

Nearly 90 percent of the private enterprises includes SMEs in the Kingdom.

Commerce and Industry Minister Dr. Tawfiq Al-Rabiah recently called for concerted efforts to formulate a national policy to promote and support small and medium enterprises (SMEs ) in the Kingdom.

He said that there should be a mechanism to integrate all concerned sectors to set up a body specialized in dealing with risks in investment to help the SMEs.

He added that such a body should include licensed finance and investment companies that could advise both public and private sectors to promote SMEs in the Kingdom.

Enumerating the government’s initiatives to support SMEs, Al-Rabiah said that organizations such as Credit and Savings Bank, General Organization for Technical Education and Vocational Cooperation, the Ministry of Social Service,the Centennial Fund, King Abdulaziz City for Science and Technology (KACST) and Saudi Commission for Tourism and Antiquities (SCTA) have been contributing to the growth of SMEs in the Kingdom.

Besides his ministry’s initiative to establish a National Center for Small and Medium Enterprises, the minister said that it has facilitated the SME’s to simplify the procedures in the issuance of licences and accelerate commercial and industrial activities among SMEs .

He also urged the private and public sectors to look into the feasibility of establishing a sound financial market for the SMEs and to set up a company for venture capital.

Arab News