Thursday , May 13 2021

Medium-sized companies have a big deal in "vision of Egypt 2030"

Dr Hwaida Barakat, Head of Sustainable Development Unit at the Ministry of Planning, Monitoring and Administrative Reform, said that the small and medium-sized sector plays an important role in the Sustainable Development Strategy (Egypt Vision 2030), both in its first edition and current modernization .

In a statement on Wednesday, Barakat emphasized the importance of this sector to provide 4 out of every 5 new jobs in emerging economies. It also contributes to a higher employment rate in low-income countries compared with high-income countries and contributes to about half of the job vacancies. Officially also contributes about 40% of GDP in emerging economies.

"The SME Working Paper addressed the challenges facing the sector. The most important of these are the many regulations and regulations, the absence of a clear, consistent and prudent policy towards SMEs, the difficulty of obtaining funding, weak innovation , creativity and entrepreneurship, the existence of problems with access to export channels and lack of awareness about export opportunities.

"Weak infrastructure, quality of local products, quality control mechanisms, difficulties in accessing business development services and trust in local markets, as well as SMEs' difficulties in obtaining information about market trends, consumer preferences and market and product specifications are among these challenges," she said.

Dr Huwaida Barakat pointed out that the UN's Sustainable Development Goal for SMEs, represented in the second, third and fourth objectives, examined the most important parts of the government's work program for the period 2018-2022 on these projects.

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