BAKU, Azerbaijan, October 8. The founding ceremony and first meeting of the Organization of Islamic Cooperation's Network of Small and Medium-sized Enterprises took place in Baku as part of the Halal Business Forum, Trend reports.
The event was attended by representatives of organizations and institutions from OIC member countries that provide support and services to SMEs.
The goal of creating the network is to strengthen cooperation between institutions supporting SMEs within the OIC framework.
During the forum's first panel session, dedicated to the establishment of the OIC SME Network, representatives of relevant bodies from OIC member states shared their experiences in supporting and servicing SMEs and discussed prospects for collaboration.
The meeting participants included representatives from Türkiye (KOSGEB), Saudi Arabia (MONSHAAT), Morocco (Morocco PME), as well as Jordan, Pakistan, Kyrgyzstan, Chad, and Côte d’Ivoire.
During the panel, representatives of Azerbaijan’s Small and Medium Business Development Agency (KOBIA) provided information on support and services for SMEs in Azerbaijan, as well as on the national SME ecosystem.
The speakers emphasized that SMEs are a driving force of the global economy, representing a significant share in both economic output and employment.
The event noted that in OIC countries, 99.9 percent of companies are SMEs, accounting for over 93 percent of employment and about 85 percent of added value.
Following the inaugural meeting of the OIC SME Network, the Baku Declaration was adopted, expressing gratitude to Azerbaijan for hosting the network's first meeting and for its ongoing support of regional cooperation in SME development.
In addition, by unanimous decision of the participants, the chairmanship of the SME Network of the OIC was transferred to KOBİA for a period of three years, and the functions of the secretariat will be performed by the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC).
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