The Kingdom of Saudi Arabia has joined the world's celebration of the Micro, Small and Medium-sized Enterprises (MSMEs) Day, which falls on June 27, with prosperity in empowering entrepreneurs, overcoming sanctions and difficulties that stand in their way, and enhance their participation in the national economy per the Kingdom's Vision 2030. The Kingdom launched many programs and initiatives to improve the partnership between the two government sectors, and accelerate the economy, and support sustainable growth. For its part, Asharqia Chamber, represented by the Small and Medium Enterprises Center, within the celebration of the MSMEs Day, presented yesterday a virtual meeting entitled "Factors of Entrepreneurs' Success", which touched on many aspects, including how to establish and start businesses, the priority of business training, and mechanisms for building plans, testing the results, and the tools that can be used in all of that. The virtual meeting comes within the programs to support the small and medium enterprises sector programs, of which the intersection, communication, and joint coordination with governmental, semi-governmental, and civil agencies that support and sponsor this sector, which forms the backbone of the national economy, especially in conjunction with MSMEs Day. MSMEs Day aims to increase public awareness and its contribution to sustainable development and the global economy, facilitate procedures that support small and medium enterprises, and overcome all obstacles facing the owners. The objectives of the Small & Medium Enterprises General Authority (Monshaat) are to organize, support, develop and sponsor the small and medium enterprises sector in Saudi Arabia under the best international practices, to raise the productivity of these enterprises and increase their contribution to the GDP from 20% to 35% by 2030. Monshaat works to implement and support programs and projects to spread the culture of self-employment, entrepreneurship, innovation, diversifying sources of financial support for enterprises, stimulating venture capital sector initiatives. It also supports the establishment of companies specializing in financing, activating banks' role and lending funds, and motivating them to play a significant and effective role in financing and investing in enterprises. Moreover, establishing and supporting necessary programs for enterprises development and establishing comprehensive service centers for enterprises to issue all their regulatory requirements. Monshaat's vision focuses on making the small and medium enterprises a key driver of economic development in the Kingdom's Vision 2030, and providing job opportunities for the national workforce, contribute to the localization of technology, the growth, and diversification of the economy, and enhance competitiveness.
