Riyadh, February 6, 2024, Saudi Arabia and Pakistan have inked a memorandum of understanding (MoU) geared towards bolstering economic, commercial, and investment collaboration within the small and medium-sized enterprise (SME) sector. The primary objective of the MoU is to enhance the competitiveness of both nations in global markets, marking a significant step towards fostering mutually beneficial ties.
Representing the Kingdom in the signing ceremony was the Small and Medium Enterprises General Authority (Monshaat), while Pakistan was represented by the Small and Medium Enterprises Development Authority (SMEDA). The momentous event, held on the sidelines of the PIF Private Sector Forum, witnessed the presence of Pakistani Ambassador to Saudi Arabia Ahmed Farooq and Monshaat Governor Sami Alhussaini.
Under the terms of the MoU, Saudi Arabia and Pakistan will embark on a journey of knowledge and experience exchange to fortify institutional infrastructure and nurture SMEs in both countries. This collaborative effort will involve reciprocal work visits aimed at fostering robust trade relations among SMEs from both nations.
Furthermore, the MoU will facilitate the sharing of pertinent information on trade opportunities and will support the organization of training and educational programs tailored for SMEs. Additionally, the agreement will promote technical and innovative cooperation to enhance productivity and bolster competitiveness within the SME sector.
The MoU also envisages the exchange of promotional activities to spotlight SME opportunities and seeks to establish models, policies, and strategies for entrepreneurship development between Saudi Arabia and Pakistan. Monshaat, as a driving force behind such initiatives, aims to harness the potential of such agreements to foster optimal levels of cooperation across various sectors, thereby extending crucial support to entrepreneurship and SME owners in realizing the ambitious objectives outlined in Saudi Vision 2030.
