Supporting small and medium-sized enterprises (SMEs) holds a high priority in the Ministry’s agenda and in ensuring the future growth of the national economy, says the newly appointed Minister of State for Entrepreneurship and Small and Medium Enterprises.
He was speaking at a meeting that was attended by a number of local entrepreneurs, representatives of institutions and SMEs incubators from across the UAE.
He stressed that the current focus of every business ecosystem is to face its challenges related to entrepreneurship with practical solutions as this can strengthen, across the country’s key sectors, the mechanisms for its prosperity and stability. He assured that tangible actions are being taken for the same.
During the meeting, Dr. Al Falasi listened to the demands of local entrepreneurs, SMEs incubators and representatives of institutions. Further, the need to set a clear vision to identify the procedure and priorities during the next stage was also discussed.
He shared his opinion that “SMEs represent the backbone of the global economy and serve as a flexible tool for governments to support their economies. The sector makes up about 90% of companies in the world, and in some developed countries such as South Korea and Japan, its contribution reaches up to 99%”.
More than 98% of the total number of companies operating in the UAE are represented by its SME sector and they account for nearly 52% of its non-oil GDP too.
“The Government of the UAE seeks to continuously enhance the competitiveness of the business environment in the country and introduce various programs and policies to maintain the advanced position of the country globally. As a result, the UAE ranked fifth globally in entrepreneurship according to the Global Entrepreneurship Monitor, GEM, index”, he added.
Further, he spoke about the need for a new business model that is based on the cooperation between entrepreneurs and the Ministry of Economy. He said that this will not only empower entrepreneurs but also help in finding solutions that contribute to the growth and prosperity of the industry.
He also highlighted the measures that have been taken by the local and federal governments to ensure support entrepreneurship and its contribution to the economy. In the light of COVID-19, the UAE government has implemented numerous measures including economic stimulus packages.
The meeting was attended by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, Ibrahim Shahin, Vice President of the Emirati Entrepreneurs Association and Sanad Al Meqbali, Chairman of the Board of the Emirati Entrepreneurs Association.
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