Mubasher: Small and medium-sized enterprises (SMEs) in the GCC countries are expected to grow 165% to $920 billion by 2023, according to a recent research.
The employment potential for SMEs is projected to record 22 million over the coming five years, up from 17 million in the same period, according to a research paper released at the opening session of the second edition of the India-UAE Partnership Summit (IUPS).
“SMEs present a significant opportunity for India and the UAE to cooperate and add value to the robust economic potential of both the countries, particularly in the private sector,” Navdeep Singh Suri, Indian ambassador to the UAE, said.
The summit focuses on different fields such as education, SMEs and Skill Development & Placement with four Indian states Assam, Delhi, Punjab, and West Bengal, displaying investment opportunities in these sectors.
The GCC’s SMEs currently contribute 22% to the region’s gross domestic product (GDP).
The UAE comes at the first place as SMEs acquire 30% of the country’s overall national output and 60% of the non-oil GDP.
For the rest of Gulf nations, the share of SMEs to GDP is estimated at 28% in Bahrain, followed by Saudi Arabia and Oman with 20% and 14%, respectively.
“SME is a sunrise sector in India, the UAE and the region throwing open immense opportunities for private sector entrepreneurs to participate, which will further reinforce the robust economic relations between both the countries,” Ram Buxani, president of the Business Leaders Forum (BLF), commented.
