The idea of honoring project owners and showcasing their success stories serve as a powerful motivation.
The idea of honoring project owners and showcasing their success stories serve as a powerful motivation - File Photo
The Union of Small and Medium Enterprises (SMEs) Investors in Egypt has urged for the designation of an annual day to celebrate and raise awareness about the importance of SMEs and support aspiring entrepreneurs.
This call takes inspiration from the United Nations' International Micro, Small, and Medium-Sized Enterprise Day, observed on June 27th each year.
Alaa El-Sokati, the Union's Head and a member of the board of the "Ebda" Egyptian Industry Development Initiative, stated that the initiative would give special attention to SMEs in the coming period.
The idea of honoring project owners and showcasing their success stories through a grand annual celebration in the Egyptian media would serve as a powerful motivation for the youth to encourage them to work, produce, and dispel the notion of waiting for the right job.
El-Sokati emphasized that Egypt has witnessed a significant surge in the number of SMEs and a rise in domestic output in recent years.
The country has seen the establishment of 1.2 million small and micro-enterprises, creating two million job opportunities and receiving financing estimated at 33 billion Egyptian pounds. These figures are according to statistics from the Project Development Agency affiliated with the Cabinet, covering the period from 2017 to December 2022.
Furthermore, El-Sokati highlighted that focusing on micro and small enterprises is no longer a luxury but a necessity to support the local economy. Such enterprises represent 90% of businesses, 60%-70% of the workforce, and 50% of the gross domestic product (GDP) worldwide.
The rise of SMEs in Egypt and the increasing recognition of their vital role in driving economic growth and job creation have been significant milestones in the country's development.
The government has implemented various initiatives and reforms to support SMEs, providing access to finance, training programs, and an enabling business environment. These efforts have led to a surge in the number of small and micro-enterprises, contributing to increased employment and boosting the local economy.
