12/03/2014
He consider the SMEs as a great supporter of growth
Assaf: the global economy showed some signs of recovery
Dr. Ibrahim Al Assaf, Minister of finance Called to set up an integrated point of view ' on the challenges facing small and medium-sized enterprises, a comprehensive approach to address them, stressing the importance of the role played by these enterprises in the of major countries and the G20. This came after the opening of the workshop, Assaf G20 on small and medium enterprises, organized by the Ministry of finance in Saudi Arabia, Saudi Arabian Monetary Agency, in cooperation with the Presidency of the G20 to 2014; in Riyadh yesterday. Assaf said: it is imperative to find new directions in efforts to provide job opportunities in the global economy, including supporting the development of small and medium enterprises, promoting their access to finance, improving the business environment in order to enhance the role of SMEs in the economy. The global economy has shown some signs of recovery in the wake of the financial crisis during 2008-2009, noting that unemployment levels remain high in many countries, with a few exceptions.
He said: ' this does not mean that the development and adoption of new technologies, but is finding new directions for job creation efforts, including supporting the development of small and medium-sized enterprises, enhance access to finance, improving the business environment to enhance their role in the economy as small and medium enterprise sector a major source of job creation and contributing to the strengthening of income and consumption and growth '. He carefully set the small and medium enterprise sector, since the Summit of leaders of the group in Pittsburg in 2009, where leaders committed themselves to promote the access of SMEs to financing. He reviewed some of the initiatives taken by the community in order to promote the development of private sector enterprises, including the establishment of a global partnership for financial inclusion and knowledge platform for small and medium enterprises. The Minister of finance, the financing of the private sector need to be addressed, in view of the demand and supply sides, and said: ' the growth of the sector is in itself an influential factor for the strengthening of demand for funding '.
On the supply side, 'said Assaf: the existence of an effective framework for enforcement funding contracts, is essential for enhancing the access of the private sector to finance, while increasing supply through targeted policies and programs to facilitate and improve loan conditions, increased government support for the sector. He said that small and medium-sized enterprises, by definition, ' you might not find the necessary capacities in all commercial and industrial areas, such as accounting, procurement, marketing and engineering, said: ' business and industry practice will become easier for entrepreneurs, if they can get these services from the market '. He concluded by saying: ' it makes sense to encourage establishment of service providers, to assist in the development of the SME sector. And continue the work of the workshop, which was launched at the Ritz-Carlton in Riyadh yesterday, today, and the importance of the interest of Governments and organizations, regional and international bodies in their development, because of their contribution to economic development and promotion of competitiveness at the international level.
