AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore: The Small and Medium Enterprises (SMEs) in the Organisation of Islamic Cooperation (OIC) member states have committed to bolstering entrepreneurship and fostering inclusive economic growth. This pledge was made during the first meeting of the OIC Small and Medium Enterprises Network (OIC-SMENET), where representatives adopted the Baku Declaration. Pakistan was represented by Mr. Socrat Aman Rana, CEO of the Small and Medium Enterprises Development Authority (SMEDA).
Mr. Rana noted that the Baku Declaration underscores the critical role of SMEs in driving economic growth, job creation, and innovation. He stressed the importance of SMEs in tackling global challenges like digital transformation, climate change, and post-pandemic recovery.
The OIC-SMENET aims to be an influential platform linking SMEs across the OIC region. Mr. Rana highlighted that despite the vast potential of the 57 OIC member states, which have a combined population exceeding 2.1 billion and over 100 million SMEs, intra-OIC trade remains heavily focused on hydrocarbons.
To achieve sustainable development, Mr. Rana emphasized the need for SMEs to diversify their offerings and move up the value chain. The OIC-SMENET is seen as a crucial foundation for enhancing SME interactions and cooperation among member states.
Mr. Rana highlighted the necessity of collective action in today’s global economy, stating that no single country can fully realize its SME potential in isolation. The OIC-SMENET seeks to facilitate business-to-business connections, boost intra-OIC trade, and promote digital and green transformations.
He reiterated SMEDA’s central role in supporting SME growth in Pakistan, from policy development to capacity building. He also affirmed Pakistan’s commitment to the OIC-SMENET Work Plan, detailing plans to establish a dedicated team for strategy and technical support and to leverage international partnerships.
Concluding his remarks, Mr. Rana expressed his gratitude to the organizers and reaffirmed SMEDA’s dedication to transforming OIC-SMENET into a catalyst for significant SME impact across the OIC region.