Muscat, February 24: The recent SME Exhibition and Conference, lead-sponsored by BankMuscat, highlighted the important role played by the small and medium enterprise (SME) sector in the economic development of Oman. The support to the 3-day event by Al Wathbah (a big leap for small business), BankMuscat’s comprehensive suite of finance solutions for SMEs, complemented government efforts aimed at strengthening the SME sector.
“The support to the conference as lead sponsor was mainly aimed at helping the SME sector play its key role in the country’s economic development. The conference provided solutions to major challenges faced by the SME sector even as experts from around the world offered new perspectives on developing an entrepreneurial culture in the Sultanate,” Abdul Nasir Al Raisi, Head - SME Credit & Marketing, BankMuscat, said.
“Small firms act as agents of change as they are the mechanism by which millions of individuals with economic knowledge make best use of their resources. Moreover, new small firms provide an essential source of new ideas, experimentation and innovation leading to change and evolution. Although small firms must grow in order to enjoy scale economies and survive, it is observed that many of them occupy niches, which do not require meeting minimum efficiency scales or any other cost related measures. Hence, we are glad that public policy is encouraging the entry, survival, and growth of small and medium firms,” added Al Raisi.
Over 2000 participants attended the event, including representatives from business communities, policy makers and entrepreneurs. The conference focused on the importance of SMEs in the business landscape of Oman, the GCC region and worldwide, thereby offering a wealth of expertise to the participants. The sustainability of SME business in the new and competitive global era was a major focus. The three-day exhibition was visited by many existing and prospective SMEs. The BankMuscat exhibition booth was a popular destination to find out about the Bank’s initiatives in the SME arena.
“The business environment in Oman offers tremendous opportunities and challenges for the SME sector. The GCC’s rapidly growing economy coupled with policies for investment and a common market gives the SME sector the drive to expand and take on new challenges. Along with the contributions in terms of output of goods and services, SMEs also create employment and stimulate competition. The SME conference coincided challenging times when innovative business practices can contribute to tackling the financial crisis faced by countries around the world,” Al Raisi said.
The BankMuscat support stems from the strong belief that SMEs help boost the local economy, contribute to the GDP and create employment opportunities. BankMuscat not only provides funding but also training, counseling and sponsorship to SMEs.
The SME Credit and Marketing Department of BankMuscat has been very dynamic in financing businesses and strengthening the SME foundation in Oman. In 2008, the Bank as an additional support to SMEs, organised three free training sessions for the general SME population through collaboration with International Finance Corporation’s Business Edge Programme, which was a great success where more than 200 men and women were trained in various business management subjects. Notably, the SME Department initiated a consultancy project with International Finance Corporation (IFC), the financial arm of World Bank, and has implemented recommendations to improve its SME services.