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SMEs conference for promoting expansion
17-10-2017
Under the title ‘Unleashing Growth Potential’, the Lebanon Small and Medium Enterprise Conference (LSMEC 2017) opened in Beirut under the patronage of the ministry of economy and trade (MoET), with the support of Banque du Liban and the Federation of Lebanese Chambers, and in cooperation with the finance and tele-communications ministries. Some 300 SMEs participated in the two-day event organized by Synergies Events (SE) which was attended by the heads of economic groups, officials, as well as political and diplomatic dignitaries. During the conference, the director general of SE, Bassima Nahi, said the conference will have a positive contribution to the growth and expansion of SMEs owned and operated by a large segment of the Lebanese citizens. Aliya Abbas, representing MoET minister, outlined the studies completed by the ministry and which have shown that SMEs make up nearly 93% to 95% of the overall operational institutions in the country. Abbas identified a number of challenges including: obstacles to growth; old, slow and sputtering economy; a business environment; financial turmoil and economic instability; lack of institutional coordination and inactive initiatives. Abbas drew attention to the role of the Ministry of Economy in supporting entrepreneurship in SMEs, based on an ambitious vision that views emerging companies as the main catalyst for economic growth and the boost of new job opportunities. The conference also saw the launch of regional initiatives aimed to attract Lebanese SMEs and allow them access to some Arab countries, namely in Kuwait and the UAE. In this context, the advisor to secretary general of the Supreme council for Planning and Development in Kuwait presented his country’s experience in backing these institutions. Additionally, the conference cast the prominent initiative launched by the Khalifa Bin Zayed Al Nahyan Foundation for Charity and Humanitarian Works in financing SMEs, represented by the UAE Embassy in Beirut, in partnership with EMKAN and Bankmed. The initiative, to note, seeks to streamline the Emirati experience in funding youth and women projects with the aim to stimulate economy and reduce unemployment and poverty, especially in rural areas. (An Nahar, L’Orient Le Jour, October 17, 2017)
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