Al-Rabiah was speaking at the Saudi SMEs Forum, which was inaugurated by Finance Minister Ibrahim Al-Assaf here on Tuesday.
The inaugural ceremony of the forum,was also attended by Labor Minister Adel Fakeih, Economy and Planning Minister Muhammed Al-Jasser, Saudi Council of Chambers of Commerce and Industry Abdullah Al-Mobti and SAMA Gov. Fahad Al-Mubarak.
There should be a mechanism to integrate all concerned sectors to set up a body specialized in dealing with risks in investment to help the SMEs, the minister said, adding that such a body should include licensed finance and investment companies that could advise both public and private sectors to promote SMEs in the Kingdom.
Enumerating the government's initiatives to support SMEs, Al-Rabiah said that organizations such as Credit and Savings Bank, General Organization for Technical Education and Vocational Cooperation, the Ministry of Social Service, the Centennial Fund, King Abdulaziz City for Science and Technology (KACST) and Saudi Commission for Tourism and Antiquities (SCTA) have been contributing to the growth of SMEs in the Kingdom.
Besides his ministry's initiative to establish a national center for small and medium enterprises, the minister said that it has facilitated the SME's to simplify the procedures in the issuance of licences and accelerate commercial and industrial activities among SMEs.
Abdullah Al-Mobti, said that 90 percent of the private enterprises includes SMEs. Therefore, he added that this important sector should be given more support and incentives to develop their respective businesses. He pointed out that Japan's economy has developed so fast that it has reached 94.9 percent SMEs in the country.
He also urged the private and public sectors to look into the feasibility of establishing a sound financial market for the SMEs and to set up a company for venture capital.
Mobti also requested the Saudi banks to allocate more funds for the SMEs to develop their respective businesses. He also insisted that the various chambers of commerce and industry in the Kingdom to make the procedures easy for the SME entrepreneurs.
He also thanked the finance minister for all its efforts to encourage SMEs in the Kingdom. He stressed that by promoting SME's in the Kingdom, the country will be able to create more job opportunities for the local youths.
