Ministry of Economy kicks off third UAE Symposium on SMEs

His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister, of Economy has inaugurated today the third UAE Symposium on SMEs in the Address Hotel in Dubai. The event witnessed remarkable VIP attendance from Ministers, SME officials and experts who raised strategic topics on the development of SME sector in the UAE.

During his keynote speech, Mr Al Mansoori said: “This strategic event asserts once again the vision of UAE’s leadership to support UAE nationals and encourage them to be more involved in the Small and Medium Size Enterprises sector”.

Mr AL Mansoori said: “The Ministry of Economy is proud to carry out the responsibility of this vital strategic initiative and to work closely with all of our federal and local partners in order to achieve this mission successfully. Following the First UAE Symposium on SME in 2009, the MOE started its concerted and extensive efforts to work on the SME law and definition in accordance with the Prime Minister’s Office direction for the strategic priority on SMEs and today I am pleased to announce that the Ministry has finished the definition and it will go through the practical stage very soon”.

“The Ministry of Economy has prepared the new draft law for SMEs in accordance to best international standards after the completion of a study and analysis of the challenges and obstacles faced by national entrepreneurs and investors. The Ministry of Economy succeeded in building a genuine strategic partnership with all concerned federal and local departments as well as the private sector, which helped the Ministry to accomplish its mission in the preparation of the draft law in full coordination with our partners. This proves the care and interaction that we felt from all local and federal authorities that highly supported ministry’s efforts in developing SMEs especially through the new draft law and the unified definition,” he added.

Mr Al Mansoori said the Ministry of Economy has been able to achieve a high degree of cooperation with the most important economic partners in the UAE through the new law and the unified definition, especially with South Korea, Germany and Italy by signing three MoUs on cooperation in SMEs. “Based on the close cooperation with the Korean technical team who helped us to prepare the unified definition for SMEs and the recommendations made in this regard, we decided to form a technical committee that includes some of our strategic partners to start applying the unified definition and to make recommendations on the definition within 60 days, in order to distribute it to all federal and local agencies for their feedback, before we send it to the Cabinet,” he added.

The Ministry of Economy has prepared an integrated system of policies concerning the development of SMEs, in order to enhance the competitive edge of this vital sector on both regional and international levels through a genuine partnership between local and federal governments and the private sector.

Mr Al Mansoori said: “The draft law and the definition will contribute directly to the development of the national economy and will open doors to UAE nationals to engage in the private sector and take the lead in all economic activities, where the ministry of economy has provided an integrated system of incentives through the law. As the draft law and the unified definition will represent a cornerstone in the development of SMEs this will enhance the competitiveness of the sector and will lead to a gradual transition towards knowledge based economy”.

The first working session of the Symposium has featured a panel of leading Korean and Italian experts who discussed the advanced Korean expertise on SMEs. The second session addressed the important and vital role of local SME foundations, funds and programs. The third and last session has focused on the future vision of SME sector and the role of UAE citizens in leading this sector.