Saudi Arabia and Pakistan Forge Economic Partnership to Boost SME Sector

Saudi Arabia and Pakistan Forge Economic Partnership to Boost SME Sector

By Staff Writer, 07 February 2024

The governments of Saudi Arabia and Pakistan signed a memorandum of understanding (MoU) to enhance economic, commercial, and investment cooperation in the small and medium-sized enterprise (SME) sector.

The MoU aims to improve the competitiveness of both nations in global markets.

Representing the Kingdom during the signing of the MoU was the Small and Medium Enterprises General Authority (Monshaat), while Pakistan was represented by the Small and Medium Enterprises Development Authority (SMEDA).

The signing ceremony, which took place on the sidelines of the PIF Private Sector Forum, was attended by Pakistani Ambassador to Saudi Arabia Ahmed Farooq and Monshaat Governor Sami Alhussaini.

Under the MoU, both sides will engage in the exchange of knowledge and experience to enhance institutional infrastructure and develop SMEs in Saudi Arabia and Pakistan. They will organize reciprocal work visits to foster trade relations between SMEs in the two nations.

Furthermore, the MoU will facilitate the sharing of information on relevant trade opportunities and support the organization of training and educational programs for SMEs. The agreement will also promote technical and innovative cooperation to improve productivity and competitiveness.

The MoU will facilitate the exchange of promotional activities to highlight opportunities available to SMEs and establish models, policies, and strategies for entrepreneurship development between both countries.

Monshaat aims to leverage such agreements to achieve the highest levels of cooperation across various sectors, providing support to entrepreneurship and SME owners in realizing the objectives of Saudi Vision 2030.

Related Report

Riyadh Startup Ecosystem

The Evolution of Saudi Arabia Startup Ecosystem 2010-2022

The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems