Qatar SME focus figures prominent at finance meeting in Kuala Lumpur

(MENAFN- Gulf Times) Qatar, which is fast expanding its non-hydrocarbon sector and especially the small and medium enterprises (SMEs), has found a prominent place in the 11th World Islamic Economic Forum (WIEF), whose one of the key messages for the global economy is to foster the SME ecosystem.
The 11th WIEF, which will begin in Kuala Lumpur today, has the presence of key officials from the Qatar Financial Centre (QFC). Former prime minister Sheikh Hamad bin Jassin bin Jabor al-Thani is expected to attend.
The forum will be inaugurated by Malaysian Prime Minister Dato' Sri Mohd Najib Tun Abdul Razak.
In an apparent reference to "overlooked" economies, which include Qatar, where growth is now coming more from the non-oil segment, Tun Musa Hitam, chairman of WIEF Foundation, had earlier said there are bright sparks, which remain hidden as the world continues to focus on BRICS (Brazil, Russia, India, China and South Africa) and the euro area.
Energy-rich Qatar, which has placed a renewed emphasis on developing its private sector as a key to furthering the economic growth, figured prominently at a press meet to discuss the WIEF, themed 'Building Resilience for Equitable Growth'.
"If we just take a step back and look around, we will see other high potential markets waiting to be discovered. These are opportunities for businesses to pursue and take advantage," Hitam said.
On Qatar, which is ranked 14th among 140 countries in the World Economic Forum's Global Competitive Index, he said there has been boom in sectors as finance, real estate and hospitality in recent years.
"In the wake of global economic slowdown, it is important to close the deepening income gap for economies to sustain their growth," he said, adding the way forward is to develop enabling ecosystem for the SMEs as they form the backbone of most industries in many countries.
This year's WIEF, he said, has created several platforms for SME business owners and entrepreneurs to learn new skills, foster cross-border collaborations and seek funding and business ideas.
The forum, which for the first saw confirmed participation cross the 3,000 mark, will cover cutting-edge topics including Islamic finance, halal industries, green technologies, education, sustainable living and development, women and youth development, and the creative arts.
The WIEF is the largest international gathering of heads of government, economic experts and stakeholders to share experiences and knowledge about Islamic economy since its launch in 2004.