The Abu Dhabi Department of Economic Development (ADDED) has underscored the pivotal role of small and medium-sized enterprises (SMEs) in global trade dynamics at the 13th World Trade Organization Ministerial Conference. Amidst a gathering of stakeholders from diverse backgrounds, the event served as a platform to amplify the significance of SMEs in driving economic growth and fostering international trade partnerships.
Empowering SMEs
ADDED’s SME event convened diverse participants, including local and international enterprises, government entities, economists, academics, and media representatives. Through interactive sessions and discussions, stakeholders explored key aspects of the regulatory, trade and business landscape impacting SMEs. The event fostered dialogue on trade policies, regulatory developments and export opportunities.
ADDED’s commitment
During the event, ADDED showcased the impact of its initiatives in nurturing a conducive business environment for SMEs to thrive and expand from Abu Dhabi. For his part, Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “We are committed to supporting the growth of SMEs and have set forth a greater vision to support their development and success. This reflects the vital contribution of SMEs in our transition to a smart, inclusive, diversified, and sustainable economy.”
Al Blooshi affirmed ADDED’s commitment to providing capacity-building initiatives and creating networking opportunities for SMEs. Moreover, he emphasized the importance of unlocking the full potential of those enterprises to create more jobs and develop innovations. Hence, they play an integral role in the UAE’s economic diversification efforts.
Driving economic growth and innovation
ADDED’s event offered valuable insights into the role of SMEs in global trade. Moreover, it set the stage for collaborative efforts to enhance the SME ecosystem.
The event included insightful sessions, workshops, and masterclasses on innovation, digital transformation, globalization export opportunities, and challenges. ADDED’s event also highlighted the transition towards a green economy, inclusion, equity, diversity, and access to finance and cross-border payments.
SMEs make up around 98 percent of businesses in Abu Dhabi and they employ over 46 percent of the workforce. In addition, they contribute more than 42.8 percent to Abu Dhabi’s non-oil GDP. Therefore, supporting and fostering their growth is crucial to build an inclusive business environment in Abu Dhabi and beyond.
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