Riyadh: The governments of Saudi Arabia and Pakistan signed a memorandum of understanding (MoU) to enhance economic, commercial, and investment cooperation in the small and medium-sized enterprise (SME) sector.

The MoU aims to improve the competitiveness of both nations in global markets.

Representing the Kingdom during the signing of the MoU was the Small and Medium Enterprises General Authority (Monshaat), while Pakistan was represented by the Small and Medium Enterprises Development Authority (SMEDA).

The signing ceremony, which took place on the sidelines of the PIF Private Sector Forum, was attended by Pakistani Ambassador to Saudi Arabia Ahmed Farooq and Monshaat Governor Sami Alhussaini.

Under the MoU, both sides will engage in the exchange of knowledge and experience to enhance institutional infrastructure and develop SMEs in Saudi Arabia and Pakistan. They will organize reciprocal work visits to foster trade relations between SMEs in the two nations.

Furthermore, the MoU will 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.

The MoU will facilitate the exchange of promotional activities to highlight opportunities available to SMEs and establish models, policies, and strategies for entrepreneurship development between both countries.

Monshaat aims to leverage such agreements to achieve the highest levels of cooperation across various sectors, providing support to entrepreneurship and SME owners in realizing the objectives of Saudi Vision 2030.