(MENAFN - Saudi Press Agency)
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.
Among our goals by 2030
To lower the rate of unemployment from 11.6% to 7%.
To increase SME contribution to GDP from 20% to 35%.
To increase women's participation in the workforce from 22% to 30%.
2.2 A thriving economy.. investing for the long-term
Diversifying our economy is vital for its sustainability. Although oil and gas are essential pillars of our economy we have begun expanding our investments into additional sectors. We understand that there are complicated challenges ahead but we have long-term plans to overcome them. In the past 25 years the Saudi economy has grown by an annual average rate of more than 4 percent contributing to the creation of millions of new jobs. Although we are already among the 20 largest economies in the world our ambitions are even greater. We aspire to have an even higher ranking by 2030 despite the headwinds of the global economic slowdown and the expected impact of our structural economic reforms. This requires us to invest in all our resources in order to diversify the economy unleash the capabilities of our promising economic sectors and privatize some government services.
19:56 LOCAL TIME 16:56 GMT