The General Authority for Small and Medium Enterprises (Monshaat) is showcasing a variety of services and programs supporting entrepreneurs and SMEs in the export sector at the “Anuga” 2024 exhibition in India, under the “Made in Saudi” identity. This was announced on Monshaat’s official page on the “X” platform.
Monshaat’s participation in the 2024 Anuga exhibition aims to strengthen trade relations between Saudi Arabia and India and open new avenues for collaboration. Additionally, it will highlight investment opportunities in Saudi Arabia.
- Monshaat’s Initiatives and Programs
- Goals of the General Authority for Small and Medium Enterprises
Monshaat’s Initiatives and Programs
Monshaat has launched several new initiatives and programs to support and develop the SME sector in Saudi Arabia. These efforts are part of the authority’s goal to increase the sector’s contribution to the GDP to 35% by 2030.
The initiatives include providing necessary funding for startups, offering consulting and marketing support, and simplifying government procedures. Additionally, Monshaat is establishing business and technology incubators and enhancing partnerships with the private sector and government entities to create a stimulating business environment for SMEs.
Monshaat is also working on implementing programs to promote entrepreneurship, innovation, and the culture of self-employment. This includes diversifying financial support sources for SMEs, encouraging venture capital initiatives, and setting policies for project funding. The authority provides administrative, technical, financial, and marketing support to help SMEs grow and develop their capabilities.
Goals of the General Authority for Small and Medium Enterprises
The authority aims to regulate, support, and develop the SME sector in Saudi Arabia according to global best practices. The objective is to increase the productivity of these enterprises and their contribution to the GDP from 20% to 35% by 2030.
Monshaat also focuses on supporting the creation of specialized financing companies, activating the role of banks and lending funds, and encouraging them to invest in SMEs. Moreover, it develops programs for SME growth and establishes comprehensive service centers to fulfill all regulatory requirements through integrated public and private sector participation.
