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RIYADH: Collaboration between small and medium enterprises in Saudi Arabia and Pakistan is set to get a boost, thanks to a new agreement between the two countries.
The Kingdom’s Small and Medium Enterprises General Authority, Monsha’at, has bolstered this partnership by signing a memorandum of understanding with its Pakistani counterpart on the sidelines of the second Public Investment Fund Private Sector Forum.
The aim of this agreement is to enhance economic, commercial, and investment cooperation within the sector, as highlighted in an official statement.
This move falls in line with Monsha’at’s goal to leverage such deals in order to achieve the highest levels of cooperation across various sectors, thereby providing support to entrepreneurship and SME owners in realizing the objectives of Saudi Vision 2030.
Under the newly signed agreement, Monsha’at and the Pakistani Small and Medium Enterprises Development Authority will engage in the exchange of knowledge and experience to support institutional infrastructure and develop SMEs in the two countries.
Additionally, they will organize reciprocal work visits to foster trade relations between SMEs in the two nations.
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 promote technical and innovative cooperation to improve productivity and competitiveness.
On the sidelines of the forum, Monsha’at signed another MoU with the Jordan Enterprise Development Corp. to increase expertise exchange between the two agencies to enhance institutional infrastructure and SMEs in the two countries.
Under the agreement's terms, the two sides will collaborate to organize business visits, improve trade relations and offer training programs.
In its second edition, the PIF Private Sector Forum will feature sessions and workshops on strategic topics, focusing on Vision 2030’s objectives to empower and enhance the private sector, along with PIF's efforts in driving this initiative.
Since 2017, PIF has established 93 companies and has played a crucial role in creating over 644,000 direct and indirect jobs across various key promising sectors.