(MENAFN - Arab News) A number of bodies concerned with small and medium enterprises (SMEs) are currently set to lure international experience to boost their role amid expectations that a decision is imminent for the creation of an authority dedicated to this sector.
Khalaf Al-Shammari, head of the SME committee at Riyadh Chamber of Commerce and Industry (RCCI), stressed the importance of international footprints on the back of successful experiences in Britain, Japan and China.
One of the challenges facing the SME sector is represented in the absence of a clear-cut definition of the sector, he added.
The RCCI recently organized an open discussion with a visiting Japanese delegation on a cooperation deal signed with the Ministry of Commerce and Industry. The deal was meant to activate the SME program in the Kingdom.
The Japanese delegation earlier conducted a field survey on the SME based on a similar survey that had links with programs and bodies interested in financing and caring for the SME sector in the Kingdom.
The SME Committee is doing its utmost to serve the sector by finding the best means that will keep it growing and sustaining, al-Shammari said.
These measures are aimed at protecting the SME sector from possible failure or losses, he said.
Meanwhile, experts stressed that many SMEs in the Kingdom are facing a series of regulatory, marketing, administrative, and financing problems. They admitted that most of SME owners do not consult legal advisors when thinking about the establishment of their projects in addition to the absence of planning, regulatory and financing basis for such projects.