RIYADH: Minister of Commerce and Chairman of the Board of the Small and Medium Enterprises General Authority, Monsha’at, Majid bin Abdullah Al-Kassabi, expressed his thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, following the Cabinet’s approval of the National Strategy for Entrepreneurship and Small and Medium Enterprises.
The strategy aims to develop the entrepreneurship ecosystem, enable enterprises to grow and expand, and increase their contribution to the national economy, raising their share of gross domestic product to 35 percent in line with the objectives of Saudi Vision 2030.
Al-Kassabi said the strategy comprises 13 initiatives within an integrated framework designed to improve enterprises’ access to financing and markets, enhance their readiness and operational capabilities, develop the regulatory and innovation environment, and improve the ease of doing business, creating a more efficient environment for their growth and expansion.
The strategy aims to contribute to creating more than 500,000 direct and indirect jobs and place the Kingdom first in the Entrepreneurial Skills and Knowledge Index by 2030.
“The strategy reflects the attention and support that the entrepreneurship and small and medium-sized enterprises sector receives from the wise leadership — may God support it — and embodies the drive toward building a more integrated and efficient ecosystem that opens broader prospects for enterprises to grow and increases their contribution to economic development,” Al-Kassabi said.
“The implementation of the strategy is based on integrating the efforts of the relevant entities, enabling enterprises to benefit from the opportunities available across various sectors, expanding their presence in value chains and major projects, and supporting their access to new markets locally and internationally.”
The strategy builds on the efforts and initiatives implemented in previous years under Saudi Vision 2030 to empower the private sector. It establishes a new phase in the development of the small and medium-sized enterprises sector, shifting the focus from establishing businesses to providing the enablers required for their growth and expansion and strengthening their ability to compete in domestic and international markets.
The National Strategy for Entrepreneurship and Small and Medium Enterprises is one of the national strategies supporting the achievement of Saudi Vision 2030 objectives. Together, these strategies represent a long-term road map for empowering the private sector and directing efforts toward ambitious development and economic priorities, strengthening the Kingdom’s position and increasing its competitiveness as a more diversified, innovative and sustainable economy.
The strategy’s initiatives include developing open business innovation; empowering small and medium-sized enterprises and startups in industrial cities and special economic zones; supporting international expansion and exports; and increasing enterprises’ participation in government procurement and purchases by major companies. They also include establishing a comprehensive database for the sector and connecting it with related databases across the ecosystem.
The initiatives also include attracting and localizing innovative global startups, reviewing minimum Saudization requirements by sector, reducing the cost of doing business, increasing financial awareness and literacy, developing financing enablers, and incentivizing institutions that finance small and medium-sized enterprises. These measures aim to create a business environment better able to support the sector’s expansion and sustain its economic impact.
