SME Corp. Malaysia has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises General Authority (Monsha’at) of Saudi Arabia at the BIBAN24 event, held from 5 to 9 November 2024. The partnership is expected to enhance bilateral relations and foster cross-economic cooperation in the development of Micro, Small, and Medium Enterprises (MSMEs) between both nations.
The MoU aims to strengthen cooperation in sharing information, learning best practices, and establishing long-term initiatives to support bilateral business growth. This collaboration is set to create a more resilient and innovative MSME ecosystem in both Malaysia and Saudi Arabia.
A total of 30 Malaysian business entities, including 28 SMEs from high-growth sectors such as franchise, food and beverages, and two cooperatives, participated in the event. The trade value generated from the business activities during the five-day event is expected to reach RM100 million.
The MoU was signed by SME Corp Malaysia CEO, Rizal Bin Dato’ Nainy, and Monsha’at Governor, Mr Sami Ibrahim Alhussaini, with Datuk Ewon Benedick, Minister of Entrepreneur and Cooperatives Development, witnessing the signing.
“We can explore joint ventures in technology, education, and the halal industry by leveraging each other’s strengths in MSME development,” said Datuk Ewon Benedick.
Rizal Bin Dato' Nainy highlighted the MoU’s focus on building a framework for sharing information, capacity building, and facilitating market access for high-growth MSMEs. He added that this marks the first time 30 Malaysian business entities have entered the Saudi market, which holds significant potential. -- Business Today
