Lahore: In its quest to bring world business opportunities to the door steps of SMEs of the country, Small & Medium Enterprises Development Authority SMEDA signed a Memorandum of Understanding with Social Fund for Development SFD of Egypt.
Sardar Ahmad Nawaz Sukhera, CEO SMEDA and Mrs. Ghada Wali Secretary General of the Social Fund for Development, Egypt signed the MoU in presence of Mr. Asif Ali Zardari, President of Pakistan and Dr. Muhammad Morsi, President of Egypt.
CEO SMEDA, while apprising SMEDA officials about the MOU Wednesday disclosed that a meeting between SMEDA & SFD was held before the signing ceremony that discussed scope of bilateral cooperation at length. It was mutually observed that SMEDA strength in Business and Sector Development work and SFD’s strength in Financial Services; would complement each other with their respective experiences.
SFD officials were informed that SMEDA was preparing a strategic plan to establish a financial arm of the organization, which would work parallel to its Business Development Services. It would help SMEDA to address financial requirements of the SMEs and strengthen its BDS Services. Mr. Sukhera undertook to benefit from SFD experience of lending financial services to the SMEs, while SMEDA would support SFD in its Business & Sector Development work.
CEO SMEDA hoped the signed MoU would create an opportunity for both the organizations to initiate work in the areas of mutual benefits for SMEs of the respective countries. Both organizations have agreed to cooperate in serving the SMEs through exchange of information on policies, initiating and providing assistance in establishment of Business to Business contacts, linkages, and networking through the trade portals, participation in relevant trade fairs and exhibitions and visits to respective countries through assistance programmed. He said both the organizations have also agreed to cooperate in implementing joint R&D projects in the field of innovation in SME Development, business incubation, Halal Food and ICT.
It is notable that SMEDA has signed similar MoUs with around ten counterpart organizations worldwide.