A conference on ‘Financial Opportunities and Challenges for Small and Medium Enterprises’ is to be held in Muscat from February 16-18.
Yousuf bin Yaqoob al Busaidy, chairman of the Entrepreneur Forum, said, “SMEs are a crucial driving force for innovation, employment and development in Oman’s economy, but these SMEs have long faced difficulties in financing. Thus, long-term sustainable development has been restrained.”
“The issue of financing for SMEs needs to be addressed with joint efforts by the government, financial institutions and enterprises, to enhance innovation in financial systems, products and services, and to improve the sustainable development of SMEs in Oman,” the chairman said. Muscat Daily had reported how financing experts have called for better funding options for SMEs, which currently need either proof of two years successful operations, or valuable equipment to use as collateral to secure loans from the financing sector.
Speaking after the announcement, Busaidy stressed on the need for increased opportunities for SME funding, pointing out that SMEs make up over 90 per cent of the sultanate’s enterprises and contribute greatly to the economy.
At the event, being organised by Envent and Trefoil Expo, regional and international speakers will identify key issues in the finance opportunities for SMEs through workshops and expert panel discussions, intended to focus upon creating an entrepreneurial culture in the region and addressing the funding gaps. More than 100 delegates from around the world are expected at the event, including representatives from business communities as well as policy makers and entrepreneurs.
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