In a strategic move to strengthen economic ties, Saudi Arabia and Pakistan have inked a memorandum of understanding focused on enhancing their small and medium-sized enterprise (SME) sectors. This collaboration is designed to augment the global market competitiveness of both countries.
The Small and Medium Enterprises General Authority (Monshaat) of Saudi Arabia and the Small and Medium Enterprises Development Authority (SMEDA) of Pakistan are the principal bodies representing their respective nations in this agreement. The MoU signing was a highlight of the PIF Private Sector Forum, with the presence of Pakistani Ambassador to Saudi Arabia Ahmed Farooq and Monshaat Governor Sami Alhussaini.
Under the terms of the MoU, the two countries will engage in an active exchange of expertise and experiences to advance their institutional frameworks and nurture the development of SMEs. The agreement includes plans for mutual visits to stimulate trade relations between the SMEs of Saudi Arabia and Pakistan.
Additionally, the MoU encompasses the sharing of information on trade opportunities, as well as the establishment of training and educational initiatives aimed at SMEs. The partnership will further promote cooperation in technical innovation to amplify productivity and competitiveness.
Both nations have agreed to conduct promotional activities that highlight SME opportunities and to create shared models, policies, and strategies for entrepreneurship. Through such collaborative efforts, Monshaat aspires to support entrepreneurial ventures and SME owners, contributing significantly to the fulfillment of Saudi Vision 2030’s objectives.