Call for concerted push to boost SME sector

The Authority for Small and Medium Enterprises Development (ASMED) engaged with 16 government and private entities to analyse the findings of the Global Entrepreneurship Monitor Report 2023.

The focus was on elevating Oman's competitiveness in the entrepreneurship index and enhancing the role of support entities within the entrepreneurship ecosystem. Oman secured eleventh spot in the Entrepreneurship Index among 49 participating nations for 2023/2024, a significant leap from its previous ranking in 2022/2023.

This advancement reflects the endeavours of governmental and private entities in raising an incubating environment for entrepreneurship. It also reflects a concerted push to cultivate a conducive climate for the growth of small and medium enterprises (SMEs) and innovative startups, aligning with the sub-indicators outlined in the report.

Dr Salim al Riyami, Head of the Studies Department at ASMED, said, “The progress of the Sultanate of Oman in the Entrepreneurship Index proves the efforts made by the authority and also reflects the integration of government and private efforts in promoting entrepreneurship and advancing the SME sector as it is a basic pillar of the national economy, and ways to raise its competitiveness in the Index leading businesses."

A workshop organised to study the report served as a platform to underscore the imperative of alignment and collaboration across diverse governmental and private institutions to empower SMEs, augment their contribution to the gross domestic product (GDP), and further enhance Oman's standing in the Global Entrepreneurship Monitor report.

Presentations were delivered by the participating authorities on Oman's entrepreneurship landscape. The Public Authority for Financial Services, the Central Bank of Oman, and the Oman Investment Authority defined their initiatives in SME financing.

Meanwhile, the Ministry of Higher Education, Scientific Research and Innovation, and the Ministry of Education elaborated on their efforts to instill an entrepreneurial culture across educational institutions.

Additionally, various entities, including the General Secretariat of the Tender Board, the Ministry of Labour, the Tax Authority, and the Telecommunications Regulatory Authority, outlined their supportive policies and legislative measures.

Walid al Maawali, an entrepreneur in the fishery sector and founder of the ‘iL Lab Marine’ project, underscored ASMED's pivotal role in nurturing entrepreneurs through its training programs, particularly in technology and innovation-driven ventures. Such initiatives not only bolster emerging enterprises but also contribute to enhancing sub-indicators vital for elevating the entrepreneurship Index.

ASMED's initiatives encompass a spectrum of endeavors aimed at fortifying the SME ecosystem. These include in-country value programmes, ready-made factory projects, the enterprise escalation program, and initiatives to expand investment avenues and market access for SMEs domestically and internationally.

ASMED prioritises skill enhancement through specialised training programmes and collaborates with entities like the Reyadah Academy to facilitate non-traditional financing avenues for SMEs.

Efforts are also directed towards fostering creative industries, evidenced by projects like the National Center for Creative Craft Industries in Sultan Haitham City. ASMED advocates for the establishment of incubators and business centers across all governorates, underscoring its commitment to nurturing emerging technology and innovation-based enterprises through initiatives like the Promising Omani Start-ups Programme.

The authority’s multifaceted approach aims to not only bolster SMEs but also elevate Oman's position in global entrepreneurship indices by nurturing a thriving ecosystem conducive to innovation and sustainable economic growth.