Monsha'at And SME Corp Malaysia Sign MoU To Enhance SME Development At Biban24 Forum

The General Authority for Small and Medium Enterprises (Monsha’at) has entered into a memorandum of understanding (MoU) with the Malaysian Small and Medium Enterprise Corporation (SME Corp Malaysia). This agreement was formalised at the Biban24 Forum, which is being held from November 5-9 at the Riyadh Front Exhibition and Convention Center. The event is organised by Monsha’at under the theme "Global Destination for Opportunities."

The MoU was signed by Monsha’at Governor Sami bin Ibrahim Al-Husseini and SME Corp Malaysia Chief Executive Rizal bin Dato’ Nainy. Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Kassabi and Malaysian Minister of Entrepreneur Development and Cooperatives Ewon Benedick were present during the signing ceremony. This collaboration aims to strengthen ties and enhance cooperation in developing small and medium enterprises (SMEs) between Saudi Arabia and Malaysia.

This partnership sets up a framework for both organisations to work closely together. They will exchange information and expertise to support SME growth. The focus will be on capacity building, high-growth SME programs, market access facilitation, knowledge transfer, and sharing best practices related to SME regulations.

Efforts under this agreement aim to streamline business operations, boost innovation, and promote entrepreneurship. By doing so, it seeks to enhance the competitiveness of SMEs in both countries. These initiatives are designed to foster a culture of innovation and entrepreneurship while encouraging new business creation.

Biban24 aims to position Saudi Arabia as a leading hub for entrepreneurs both regionally and globally. The forum focuses on developing programs and services that enhance entrepreneurial ventures' competitiveness and growth. It attracts impactful ideas that contribute significantly to local and global economies.

The forum also plays a crucial role in fostering innovation by encouraging new business creation. It serves as a platform for exchanging impactful ideas that can drive economic growth locally and globally. Through these efforts, Biban24 seeks to make Saudi Arabia a central destination for entrepreneurial opportunities.

This MoU represents an important step in strengthening relations between Saudi Arabia and Malaysia in the SME sector. By working together, both countries aim to create an environment conducive to SME development, benefiting their respective economies.

With inputs from SPA