Role of SMEs in boosting economic growth

The Ministry of  Economy and Trade in collaboration with the Lebanese Foundation for Permanent Peace organized yesterday a workshop, ‘Promoting the environment of SMEs in Lebanon’. On the occasion, the minister of trade and economy, Raed Khoury, said the issue of small and medium enterprises is an intricate one that his ministry cannot manage single handely. The entrepreneurship and SME sector, he explained, are among the potential key pillars that stimulate national economy. Roughly 90% of currently active institutions in Lebanon fall under the category of SMEs, Khoury explained, pointing to the country’s long established reputation in the field of entrepreneurship. On the other hand, Khoury warned that Lebanon still faces many setbacks which delay its ability to make maximum use of the benefits offered by SMEs, hoping that drafting a proposal to this end could contribute to galvanizing their role to positively impact the overall economic status quo. The workshop, to note, included three sessions. While the first tackled the reality and size of SMEs in relation to the national economy, opportunities and challenges, legal hindrances, economic challenges and e-commerce, the second focused on the role of SMEs in stimulating economic growth, as well as, the role of the chambers of commerce, industry and agriculture, banks, business incubators, international organizations and finance institutions. The third session discussed drafting a new bill that defines the nature of SMEs in addition to a package of incentives to develop their work. (Al Mustaqbal, October 3, 2018)

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