Experts and investors have called for a reduction in the numerous conditions and guarantees required by regulations for granting financing to small and medium-sized enterprises, and to establish foundations and criteria for supporting ideas, with chambers of commerce and industry adopting a program that leads large companies to each sponsor a group of entrepreneurs in developing, implementing, and operating their businesses, until these entrepreneurs« projects become stable. Participants in the »International Conference on Entrepreneurship and Tomorrow’s Leaders,” organized by the Abha Chamber of Commerce and Industry, concluded that it is necessary to review all regulations governing the financing of entrepreneurial projects through specialized lending funds.
Four main themes
Under the slogan «Toward Spreading Modern Leadership Thought Among Young Businessmen and Women,» the «International Conference on Entrepreneurship and Tomorrow’s Leaders,» held under the gracious patronage of His Highness Prince Faisal bin Khalid, Governor of Asir Region, explored four main themes over two days, namely: «Self-development as the foundation for supporting and developing tomorrow’s leaders,» »Obstacles affecting the growth, expansion, and sustainability of tomorrow’s leaders» projects,» »Modern approaches to supporting tomorrow’s leaders» projects,» and “The role of young entrepreneurs in fulfilling social responsibility.”.
A Network for Entrepreneurs in the Kingdom
The conference recommended that its findings be submitted to the relevant authorities for review and implementation, while urging those authorities to address any challenges that may arise in creating a supportive legal and regulatory environment for the establishment of companies and funds specializing in providing capital for entrepreneurial projects. It also urged the Chambers of Commerce and Industry to work toward establishing a network for entrepreneurs in the Kingdom, centered in the Asir region, while leveraging global best practices in this field, given the Chambers’ existing communication and fruitful cooperation with the private sector and all government agencies.
Conference Recommendations
The conference participants recommended establishing specialized investment departments within chambers of commerce and industry to help entrepreneurs identify suitable investment opportunities, as well as setting up advisory departments staffed by consultants in various fields—including finance, marketing, and others—to provide guidance to these entrepreneurs.
Chambers of Commerce and Industry should adopt binding regulations to protect the patents, copyrights, and trademarks of entrepreneurs so that their ideas, creativity, and innovations—and, consequently, their projects—can flourish and grow.
Startups founded by entrepreneurs should be exempt from fees charged by government agencies, such as ministries and recruitment offices.
Call for the implementation of the Gulf Cooperation Council’s decision to establish a fund to support entrepreneurship among small and medium-sized enterprises.
