Muscat:  The Ministry of Economy introduced a sectoral initiative to support small and medium enterprises (SMEs), in partnership with the Authority for Small and Medium Enterprises Development (ASMED).

The initiative aims to accelerate the recovery of SMEs from the repercussions of the Covid-19 pandemic and maximizing their contribution to economic activities.

Dr. Nasser Rashid al-Ma’awali, Undersecretary of the Ministry of Economy, said that this initiative comes in line with economic policies and practices aiming to accelerate economic recovery and stimulate economic growth for SMEs as a basis for national economies.

He added that this initiative is consistent with the fifth strategic objective of the 10^th five-year development plan 2021-2025 (stimulating economic activity and supporting SMEs).

He pointed out that the initiative focuses on SMEs operating in economic diversification sectors as per the plan, in order to achieve higher growth rates for non-oil activities in light of innovative measures and plans that support economic diversification.

Halima Rashid al-Zra’ei, Chairperson of the ASMED, commended this initiative, stressing that it comes as an extension of the efforts and economic stimulus plans that the government has embarked on to support and enhance the sustainability of SMEs and entrepreneurs affected by Covid-19.

She also pointed out that there is an agreement with the Ministry of Economy to adopt and support 8 basic initiatives focusing on the vitality of scaling up SMEs to contribute to the economic growth and revive the market with services and products.