Wednesday 08 / May / 2024
Muscat: The Ministry of Economy has announced eight initiatives to support the small and medium enterprise (SME) sector, including the Winter Nights Festival.
The Ministry of Economy is developing an initiative to support the SME sector, in partnership with the Small and Medium Enterprises Development Authority, with the aim of accelerating the recovery of these enterprises from the repercussions of Covid-19 and maximising their contribution to economic activities.
The eight initiatives include:
E-Commerce Programme Initiative
The aim of this initiative is to launch a programme that supports SMEs’ access to local and international digital platforms, which can help them market their products and services globally. The initiative, which targets SMEs, shop owners and online platforms, is expected to cover about 100 SMEs and promote e-
commerce. A contract will be inked with a well-known IT company to implement the initiative under Riyada’s supervision.
Winter Nights Festival
The initiative is an interactive annual event organised during special occasions and holidays. During these occasions, SMEs’ products and services will be displayed in night markets, whose programme of events includes several cultural and recreational. The initiative comes within the efforts made to locally market SME services and products, promoting their success stories, recognizing Omani talents, encouraging entrepreneurship, in addition to increasing the entertainment quotient in the community. The events will be organized by specialised event management companies.
Creative industries incubator
The idea of this initiative is to establish a creative industries incubator, with focus on areas that have high competitive advantage. The initiative targets business owners, entrepreneurs and SMEs in the field of creative industries. It is expected that about 25 SMEs will benefit from this initiative, which targets creating a group of emerging companies with high technical and administrative capabilities in the creative field. The initiative also includes providing them technical support, guidance, counseling and consultations. They will be also encouraged to provide job opportunities for Omani youths.
Manufacturing Incubator
Under this initiative, a manufacturing industries incubator will be established for the manufacturing sector, which is one of the pillars of Oman’s economic diversification. The initiative targets SMEs and owners of manufacturing industries through innovative ideas that will empower SMEs. The initiative also seeks to create a group of emerging companies with high technical and administrative manufacturing capabilities, providing them with technical support, advisory and marketing services. The initiative will be implemented through Sohar University under Riyada’s supervision.
Establishing emerging agricultural manufacturing SMEs in cooperation with Haya Water
Under this initiative, emerging SMEs in the fields of agricultural production will be established in cooperation with Oman Water and Wastewater Services Company (Haya Water). Aimed at supporting and developing SMEs in the agricultural wealth sector (oils and aromatic plants), the initiative will find sites for SMEs near water treatment plants in various wilayats for easy access to water. The initiative also seeks to market agricultural products in local, regional and international markets, leading to Oman’s economic growth and sustainable development.
Industrialisation initiative in cooperation with Mazoon Dairy Company
The initiative aims to provide business opportunities by Mazoon Dairy Company in areas including manufacturing packaging materials, dairy boxes, ice-cream vehicles, processing and packaging plant for fertilizers, manufacturing and sale of fertilisers, raising and selling livestock, making biodegradable spoons, and package labeling.
The initiative targeting SME owners, will contribute to providing direct and indirect job opportunities for Omanis, promoting economic diversification plans and programmes, developing entrepreneurs and providing financing solutions for the implemented projects.
Entrepreneurship education platform
Targeting entrepreneurs and craftsmen across Oman, this initiative focuses on creating a specialised digital training platform to develop their practical and theoretical skills. The digital platform will serve as a roadmap of modern, innovative and practical steps for SMEs besides providing continuous skills and business administration and development training through global best practices.
As much as 80 per cent of the training will focus on practical skills while the rest will be cover theoretical aspects. The initiative will streamline training and qualification courses for entrepreneurs, SME owners and craftsmen by providing a conducive digital environment for growth and development, refining the talents and capabilities of participants and qualifying them through workshops and online courses.
Consultation to support SMEs affected by the pandemic
This initiative includes a series of quick advisory sessions for SMEs affected by the COVID-19 pandemic. The initiative, which targets entrepreneurs in different governorates, is expected to benefit 100 SMEs through advice and legal counseling.
