RIYADH: The governments of Saudi Arabia and Pakistan have signed a memorandum of understanding (MoU) to boost commercial, economic and investment cooperation in the small and medium-sized enterprise (SME) sector, the Saudi Press Agency (SPA) reported on Tuesday.
The MoU aims to improve the competitiveness of both countries in international markets.
Small and Medium Enterprises General Authority (Monshaat) represented the Kingdom during the signing of the MoU while Pakistan was represented by the Small and Medium Enterprises Development Authority (SMEDA).
Pakistani Ambassador to Saudi Arabia Ahmed Farooq and Monshaat Governor Sami Alhussaini attended the signing ceremony, which took place on the sidelines of the PIF Private Sector Forum.
On the sidelines of the @PIF_en Private Sector Forum in Riyadh, today, H.E @AmbFarooq & Governor @MonshaatSA, Mr. Sami Ibrahim Alhussaini signed MoU for Cooperation in the field of Small & Medium Enterprises. The MoU will open new doors for SMEs to operate. pic.twitter.com/wWtI7b9wsq
— Pakistan Embassy Saudi Arabia (@PakinSaudiArab) February 6, 2024
Under the MoU, both sides will engage in the exchange of knowledge and experience to boost institutional infrastructure and develop SMEs in Saudi Arabia and Pakistan.
The two sides will organize reciprocal work visits to foster trade ties between SMEs in the two countries.
The MoU will also facilitate the sharing of information on relevant trade opportunities and support the organization of training and educational programs for SMEs.
The agreement will also expand technical and innovative cooperation to improve productivity and competitiveness.
Monshaat aims to leverage such initiatives 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.
