Sharakah outlines future vision for Oman SMEs at 18th annual meeting of INSME at Baku

Muscat: Sharakah, Fund for Development of Youth Projects, created by Royal Decree to support the SME sector in Oman, recently attended the 18th annual meeting of the International Network for Small and Medium Enterprises (INSME), held in Baku, Azerbaijan. The International Network for SMEs, based in Rome, Italy, holds an annual general meeting to address various topics and important challenges related to the SME industry apart from discussing the achievements and goals of the Association.

This year’s INSME conference, themed “Empowering SMEs – Economic Diversification & Green Growth,” was held at the JW Marriott Hotel, Baku under the patronage of His Excellency Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan. Other prominent international figures in attendance included HE Yves Leterme, former PM of Belgium, Mr. Sergio Arzeni, President of INSME, Mr. Orkhan Mammadov, Chairman, KOBIA and Ali Ahmed Muqaibal, CEO of Sharakah. Hosted together with the Small and Medium Business (SMB) Development Agency of the Republic of Azerbaijan (KOBIA), the 18th INSME meeting considered the current and prevailing international context for the SME sector; responding to high interest rates, a possible recession, damages caused by natural disasters and climate change and global conflict among others.

Also Read :  SMEs rise to challenges in a more conducive business environment

Acknowledging that SMEs are important to the global economy as a driver, contributor and employer, Sharakah discussed future cooperation and joint projects during the highly strategic meeting. On the role of SMEs in global diversification and sustainability efforts, Ali Muqaibal said, “The speed of energy transition in any economy depends on many factors, such as the country’s energy situation, social and economic factors, etc. In the midst of this environment, the incubation provided by multinational organizations and universities for SMEs plays an important role in promoting green innovation by providing funds, closing gaps for research and developing and acting as a catalyst in their integration of a green ecosystem as part of their ESG contribution.

Also Read :  My Virtual Workers - Virtual Assistant Services India – Success Secret for SMEs & Large Entrepreneurs

The two-day conference will include numerous sessions and discussion panels for attendees to discuss and exchange expertise and market knowledge. Sessions cover sustainability and energy challenges for SMEs, contingency planning, innovation and green growth, policy and response, Annual General Assembly as well as a fruitful matchmaking session to pair SMEs with potential investors and stakeholders. The event also includes sideline meetings for attendees to hold one-on-one discussions.

Also Read :  Silicon Valley will remain 'leader' of the startup world

Continuing its efforts to identify opportunities for growth and international engagement, Sharakah organized a side meeting with His Excellency Orkhan Mammadov, Chairman of the Management Board of the Republic’s Small and Medium Business Development Agency of Azerbaijan (KOBİA), who expressed his interest in visiting the Sultanate to look for potential partnerships and areas of cooperation in Sharakah. It is worth mentioning that Sharakah, apart from offering financial support and guidance to SMEs, also helps build local entrepreneurial capacity, promotes policies related to the SME sector and promotes the concept of entrepreneurship in the Sultanate in accordance with Oman’s 2040 vision.



Leave a Reply

Your email address will not be published.