PEIE’s Smart Man Focuses on SMEs
The development of small and medium-sized enterprises (SMEs) will be discussed at PEIE’s annual Smart Manufacturing Conference, 15 – 16 April at the Crowne Plaza Hotel. “The establishment and nurturing of SMEs is a vital ingredient in creating a dynamic market economy. Entrepreneurs are the big drivers of economic growth, innovation, national development and job creation. A strong and vibrant SME sector, particularly in manufacturing, provides a strong foundation to increase standards of living in the sultanate,” remarked Sultan Al Habsi, CEO, PEIE.
Despite the internationally recognised importance of SMEs, they still face major challenges. The challenges of business entry, survival and growth are often substantial. The availability of financial resources and lack of capacity to handle complex business management, marketing, design, training and innovation issues present major obstacles, says Al Habsi.
In virtually every country in the world more than 95% of enterprises are SMEs and “their economic and social importance cannot be under-estimated,” commented the PEIE CEO. The problems of funding SMEs also crosses international boundaries, because complete information about them isn’t always available to providers of finance. In finance jargon, information is incomplete and often asymmetric. “We’ll be looking very closely at issues related to funding small and medium-sized manufacturers at this year’s conference. Nick Pattison, former MD Shell Oman Marketing will moderate a session entitled - Growing Business: Is Money Out There for Manufacturers & How Can You Get It? which will include Dr. Salem Al Ismaily, OCIPED; Dr. Fabio Scacciavillani, Gulf Organization for Industrial Consulting; Muthu Chidambaram, National Bank of Oman; and Abeer Al Abduwani of GroFin Oman.
“From my own experience of managing PEIE’s Rusayl Industrial Estate, small and medium-sized manufacturers are one of the principal driving forces in Oman’s economic development. They stimulate private ownership and entrepreneurial skills, they’re flexible and can adapt quickly to changing market demand and supply situations, they generate employment, help diversify economic activity and make a significant contribution to exports and trade.” says Eng. Hamad Al Harthy.
By organizing Smart Manufacturing and the Oman Manufacturing Group (OMG) “it’s clear that PEIE is promoting the importance of finance, marketing, design, training, ICT, leadership, networking and collaboration – these are crucial ingredients for developing a dynamic and innovative manufacturing sector,” remarked Ericsson’s Susie Houh, a leading corporate sponsor of both Smart Manufacturing and OMG.
- Oman’s Leading Manufacturers Back Smart Manufacturing
- Al Habsi appointed to the position of Executive President at the Public Establishment for Industrial Estates
- Agility & Manufacturing on the Move
- IFC, Mohammed Bin Rashid Establishment for Young Business Leaders form partnership
- Emiratisation? Less expats, more locals wanted in entrepreneurship sector