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SMEs have huge potential to generate jobs: Expert

Small and Medium Enterprises (SMEs) in Oman can create jobs if nurtured well, an expert has said. Raphael Parambi, CEO, SME Development Fund (SMEF), said, “SMEs have a huge potential to generate employment.

A Central Bank of Oman report has showed that Omani employment in SMEs is just five per cent whereas the worldwide average is 65 per cent. So if we implement our programmes correctly, the society can benefit a lot.”

Parambi spoke on the sidelines of a workshop titled ‘Commercialising Intellectual Capital’ organised by SMEF in collaboration with Sultan Qaboos University (SQU) and The Research Council (TRC) at the varsity premises on Sunday.

Parambi added, “There is a huge potential if things are done in a right manner. At present, it’s not happening and we are working towards it. It’s not happening because there is not enough commitment. SMEs too are not very strong so they are not in a position to create employment. They do not have access to market too. So, these issues need to be addressed properly.”

Dr Hilal Ali al Hinai, secretary general of TRC was the chief guest. Parambi said that SMEF was established under the sultanate’s offset programme with the objective of developing entrepreneurship and financing small and medium enterprises. “It was launched in March 2014 and commenced operations in April. Its objectives are the financing and supporting of existing SMEs who are seeking to expand in scale and scope and the creation of new entrepreneurs,” he added.

Parambi said that in order to grow, SMEs need to innovate. “SMEs need innovation and innovators need SMEs if they are to grow or they remain a corner shop. The choice is theirs.”

SMEF has drawn up a four-point plan to address the needs of the SME sector and to encourage entrepreneurship among the youth. They include entrepreneurship development, nurturing, funding and legitimising SMEs. “As technologies have grown more sophisticated and emerging industries more high-tech, TRC and universities have become more important in the process of invention, innovation and commercialisation. It is expected that they will be playing an important role to nurture innovation process in Oman,” another speaker said.

Discussions were held on topics such as ‘Technology innovation and commercialisation’, ‘Fundraising options in different phases of a Business’, ‘Commercialisation and innovation: Strategies’ and ‘Innovation to Commercialisation – A Road Map to move ahead’.

Source: MuscatDaily

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