Fostering SME Collaboration: Saudi Arabia and Pakistan Ink Deal

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In a move aimed at bolstering collaboration between small and medium enterprises (SMEs), Saudi Arabia and Pakistan have forged a significant agreement. The Small and Medium Enterprises General Authority of the Kingdom, Monsha’at, sealed a memorandum of understanding (MoU) with its Pakistani counterpart during the second Public Investment Fund Private Sector Forum.

The objective of this accord is to elevate economic, commercial, and investment cooperation within the SME sector, underscoring a commitment to fostering entrepreneurship and SME growth in alignment with Saudi Vision 2030 objectives.

This strategic partnership entails the exchange of knowledge and experience between Monsha’at and the Pakistani Small and Medium Enterprises Development Authority to enhance institutional infrastructure and SME development. The agreement further entails reciprocal work visits aimed at nurturing trade relations between SMEs in both nations.

Moreover, the MoU facilitates the sharing of pertinent trade opportunities and supports the organisation of training and educational programs tailored for SMEs. It also lays the groundwork for technical and innovative cooperation to enhance productivity and competitiveness.

In parallel, Monsha’at inked another MoU with the Jordan Enterprise Development Corp. during the forum, aimed at fostering expertise exchange to bolster institutional infrastructure and SMEs in both countries. This collaboration includes initiatives such as organising business visits, enhancing trade relations, and providing training programs.

The PIF Private Sector Forum’s second edition will feature sessions and workshops aligned with Vision 2030 objectives, emphasising private sector empowerment and PIF’s role in driving this agenda. Since its inception in 2017, PIF has been instrumental in establishing 93 companies and creating over 644,000 direct and indirect jobs across promising sectors.