Minister of Trade and Industry Tarek Kabil said that the board of the new small and medium-sized enterprise (SME) institution, which was announced by the prime minister on Monday, will be formed in the near future.
Kabil added that the new body will answer to the Ministry of Trade and Industry and will develop policies and strategic plans for the development of SMEs and entrepreneurship.
The minister pointed out that the institution will consist of a board of trustees headed by the prime minister and include the membership of a number of representatives from concerned ministries. Furthermore, a board of directors, headed by the minister of trade and industry and including a number of members with experience in relevant fields, will be announced soon.
Kabil noted that the new institution will replace the Social Fund for Development (SFD) with the inclusion of the entire Industrial Training Council (ITC) in the new institution, as well as some departments from the Industrial Modernisation Centre (IMC) and the Technology Innovation and Entrepreneurship Centre (TIEC), under a decision issued by the minister.
He added that all these entities will be restructured in line with the new approach that the ministry aims to implement through the new institution.
The minister of trade revealed that the new institution’s mandate includes working with relevant stakeholders to facilitate the completion of the procedures and permits required to start SMEs, and to establish the necessary controls for coordination between the institution and other bodies and initiatives in this field. It also includes the establishment of a database of SMEs and entrepreneurs, and the development of incentive systems for such projects.
He added that the institution will be responsible for facilitating the negotiations for the provision of raw materials at the most appropriate prices for these projects and encouraging them to export their products abroad by providing opportunities and financing incentives to promote presentation of their products in external exhibitions.