Innovation, expansion to foreign markets bode well for SMEs, say industry experts

Innovation, expansion to foreign markets bode well for SMEs, say industry experts

Innovation and expansion to international markets are among the key factors that would enable the small and medium-sized enterprise (SME) sector to overcome challenges and continue operating post-Covid-19, according to industry experts participating in the Qatar Trade Summit 2021.

The summit gathered a panel of speakers whose discussion revolved on the theme ‘Setting a Course for Positive Economic Growth in the Mena Region’. They are FIFA World Cup CEO Nasser al-Khater, Sohar Port and Freezone CEO Mark Geilenkirchen, and TIACA director general Glyn Hughes. The discussion was moderated by Samvit Kanoria, partner at Mckinsey.

Emphasising that SMEs are the backbone of any economy, al-Khater said that while Qatar is small in terms of population, its wealth in natural resources positions it “in a very good place.”

“But for the sustainability of any economy, you have to have a very strong SME sector. Unless you’re Singapore and you’re exporting ideas and minds, one of the main pillars is growing your population,” al-Khater said.

He said, “For an SME to be successful, it should be able to attract people, people, and large businesses here looking at the different sectors to create the volume that’s required for a strong SME sector. Otherwise, you really need