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A BIGGER ROLE FOR SMALL
AND MEDIUM-SIZED
ENTERPRISES
we will build a centralized student database tracking
students from early childhood through to K-12 and
beyond into tertiary education (higher and vocational)
in order to improve education planning, monitoring,
evaluation, and outcomes.
Small and medium-sized enterprises (SMEs) contribute
only 20 percent of our GDP whereas, in advanced
economies, this contribution can reach up to 70 percent.
Despite the efforts made to improve the business
environment in the Kingdom, SMEs can still endure
unnecessarily slow and complex legal and administrative
procedures. They also struggle to attract the necessary
skills, capabilities and funding with financial institutions
providing no more than 5 percent of the overall funding
-
a far lower percentage than the global average. We will
strive to facilitate enhanced access to funding and to
encourage our financial institutions to allocate up to 20
percent of overall funding to SMEs by 2030.
The recently established SME Authority plans to review
laws and regulations thoroughly, remove obstacles,
facilitate access to funding, and enable youth and
entrepreneurs to market their ideas and products. At the
same time, we will establish additional new business
incubators, specialized training institutions and venture
capital funds.These will aid entrepreneurs in developing
their skills and networks. We will also support SMEs in
marketing and help export their products and services,
by leveraging e-commerce and collaborating with
international stakeholders.
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