Muscat: Sharakah, Fund for Development of Youth Projects, made by Royal Decree for supporting the SME sector in Oman, recently attended the 18th annual meeting of the International Network for Small and Medium Enterprises (INSME), held in Baku, Azerbaijan. The International Network for SMEs, based in Rome, Italy, holds an annual general meeting to address diverse subjects and significant challenges that concern the SME industry besides discussing the achievements and goals of the Association.

This year's INSME conference, with the theme "Empowering SMEs - Economic Diversification & Green Growth," was held at the JW Marriott Hotel, Baku under the patronage of His Excellency Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan. Other prominent international figures in attendance included H.E Yves Leterme, former PM of Belgium, Mr. Sergio Arzeni, President of INSME, Mr. Orkhan Mammadov, Chairman, KOBIA and Ali Ahmed Muqaibal, CEO of Sharakah. Hosted in association with the Small and Medium Business (SMB) Development Agency of the Republic of Azerbaijan (KOBIA), the 18th INSME meeting took into account the current and existing international context for the SME sector; addressing high-interest rates, a possible recession, damages caused by natural disasters and climate change and global conflict amongst others.

Recognising that SMEs are essential to the global economy as a driver, contributor and employer, Sharakah discussed future cooperation and joint projects during the highly strategic meeting. On the role of SMEs in global diversification and sustainability efforts, Ali Muqaibal stated, “The speed of energy transition in any economy depends on many factors, such as the energy situation of the country, social and economic factors, etc. Amidst this environment, the incubation provided by multinational organizations and universities for SMEs has played a vital role in promoting green innovation by providing funds, closing gaps for research and development and acting as a catalyst in their integration of a green ecosystem as part of their ESG contribution.”

The two-day meeting included many sessions and discussion panels for the attendees to deliberate and exchange market expertise and knowledge. Sessions covered sustainability and energy challenges for SMEs, contingency planning, innovation and green growth, policy and response, Annual General Assembly as well as a fruitful matchmaking session to pair SMEs with potential investors and stakeholders. The event also included sideline meetings for attendees to hold one-on-one discussions.

Furthering its efforts to identify opportunities for growth and international engagement, Sharakah organized a side meeting with His Excellency Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency of the Republic of Azerbaijan (KOBİA), who has expressed his interest in visiting the Sultanate to seek out potential partnerships and areas of collaboration with Sharakah. It’s worth mentioning that Sharakah, aside from offering financial support and guidance to SMEs, also helps build local entrepreneurial capacity, advocates policies related to the SME sector and promotes the concept of entrepreneurship in the Sultanate in line with Oman’s 2040 vision.

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