Amlak - Follow-ups
The Ministry of Finance recently organized the Small and Medium Enterprises Workshop in cooperation with the Saudi Arabian Monetary Agency (SAMA) at the Ritz-Carlton Hotel in Riyadh, with the participation of a large number of national and international financial and business experts, as well as several regional and international entities and financial and economic institutions.

Industries and services
H.E. Dr. Ibrahim Al-Assaf, Minister of Finance, stressed that unemployment levels are still high in many countries, with a few exceptions. He added that this may be partly due to technological advances that have replaced human jobs in some industries and services, but this does not mean that new technologies are not being developed and adopted, but rather new directions are being found for job creation efforts.

Dr. Al-Assaf emphasized that unemployment levels are still high in many countries, with a few exceptions. Al-Assaf pointed out that the G20 countries have been paying special attention to the SME sector since the G20 Leaders' Summit held in Pittsburgh, USA in 2009, where G20 leaders committed to enhance SMEs' access to finance.

H.E. Mr. Al-Assaf reviewed some of the initiatives undertaken by the G20 countries. His Excellency reviewed some of the initiatives undertaken by the G20 countries to develop the SME sector, including the establishment of a global partnership for financial inclusion and the launch of a knowledge platform for SMEs, pointing out the need for SMEs' access to finance, which needs to be addressed by looking at both the demand and supply sides.

Mr. Al-Assaf emphasized the importance of creating a destination for SMEs. Al Assaf emphasized the importance of forming an integrated view of the challenges facing SMEs, and defining a comprehensive approach to address them. He pointed to policy recommendations aimed at promoting the development of the SME sector that could be adopted by G20 countries.

Importance of the workshop
The importance of the workshop comes from the fact that SMEs are attracting increasing attention from governments, regional and international organizations and bodies, due to their contribution to economic development and enhancing international competitiveness. SMEs are also an important area for creating new job opportunities, expanding innovation and technological progress, and promoting investment. The workshop also coincides with the special attention given by the G20 countries to the SME sector and the promotion of its leading role in achieving balanced development in the G20 countries. This workshop also comes to discuss mechanisms and ways to support SMEs in light of many influential economic and social variables that have highlighted the importance of the role that SMEs can play in supporting and developing the economies of countries, as SMEs are a key pillar for achieving balanced development at the economic and social levels, diversifying the economic base, and creating new job opportunities.

Great participation
The workshop was attended by a number of speakers representing several different entities, including ministries of finance and central banks of the G20 countries, regional and international financial institutions, as well as a number of organizations specialized in regulating and promoting the SME sector. The speakers were selected to enrich the discussion on the topic from different perspectives, as all the countries selected to participate in this workshop have a long history of encouraging and developing SMEs, and some of them have independent bodies and agencies to sponsor the SME sector. It is hoped that their participation in the future will contribute to providing many ideas that are expected to benefit the G20 countries, in addition to the relevant local authorities.
Encouraging small enterprises
The government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud - may God protect him - has paid increasing attention to the encouragement and development of small and medium enterprises through the adoption of a number of policies and programs aimed at facilitating procedures, improving lending conditions and increasing government support for small and medium enterprises. These policies and programs seek to provide financing for this vital sector, whether directly or indirectly through the lending program at the Ministry of Finance, the Saudi Credit and Savings Bank and government development funds, or indirectly by encouraging national banks to engage in this financing. This workshop will contribute to introducing the services provided by the Kingdom's government to this sector, and will come up with a number of recommendations that can be adopted by the G20 countries to develop and enhance the role of the SME sector in the economy and employment.