SME Corp. Malaysia has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises General Authority (Monsha’at) of Saudi Arabia during BIBAN24, organised by Monsha’at from 5 to 9 November 2024.
In support of the partnership between the two parties, a total of 30 Malaysian business entities, comprising 28 SMEs from the high-growth, franchise, food and beverages sectors, as well as two cooperatives, joined the event. Malaysia is aiming for RM100 million in potential trade value from the business activities organised over the five-day event.
Held at the Riyadh Front Exhibition & Conference Centre, the MoU signing ceremony represents a significant milestone in the efforts of SME Corp. Malaysia, an agency under the Ministry of Entrepreneur and Cooperatives Development (MECD), to catalyse the transformation of MSMEs towards achieving high-growth status.
The MoU is expected to strengthen bilateral relations and foster cross-economic cooperation in MSME development for both countries.
In addition to promoting close cooperation in the sharing of information and learning best practices related to MSME development and growth, the MoU also aims to establish long-term initiatives that support bilateral business growth.
This will enhance support frameworks for MSMEs and lay the foundation for resilient, innovative MSME ecosystems in Malaysia and Saudi Arabia.
The MoU was signed by Rizal Nainy, CEO of SME Corp, and his counterpart, Sami Ibrahim Alhussaini, Governor of Monsha’at.
Datuk Ewon Benedick, Minister of Entrepreneur and Cooperatives Development, who witnessed the signing, said, “By sharing our experiences and expertise, we can create a more dynamic entrepreneurial ecosystem that benefits both nations. We can explore joint ventures in areas such as technology, education, and halal industries by leveraging each other’s strengths in MSME development.”
Commenting on the MoU, Rizal said, “The MoU aims to create a foundational framework for collaboration in the sharing of information and learning best practices, with a focus on capacity building and high-growth MSME programmes that facilitate market access, as well as initiatives for knowledge transfer in digitalisation, sustainability, innovation, and entrepreneurship.
“This is the first time we have brought 30 Malaysian business entities to penetrate the Saudi Arabian market, which offers significant potential.”
BIBAN24, with the theme “Global Destination for Opportunities,” aims to strengthen Saudi Arabia’s position as a leading destination for entrepreneurs regionally and globally.
