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Arab SMEs Summit Explores Growth Strategies

Uniting for Business Resilience and Prosperity

The Arab SMEs Summit, a noteworthy event attracting over 1,000 participants from various Arab States, recently took place in Marrakech. Organized by the United Nations Economic and Social Commission for Western Asia (UNESCWA), this summit, held from 12-14 December, centered around the theme ‘From Resilience to Prosperity’. Consequently, this gathering served as a crucial platform for firms and business support organizations to delve into a range of topics. These topics included global and regional socio-economic developments, disruptive business models, and strategies for fostering inclusive growth for businesses, thereby facilitating a comprehensive discussion on advancing the economic landscape.   Embracing New Technologies and Business Models The summit featured specialized sessions aimed at enhancing small business skills, particularly in trade and investment. A notable session by the International Trade Centre (ITC) focused on e-commerce, emphasizing the role of Industry 4.0, artificial intelligence, and virtual reality in boosting online sales. This session reflected the summit's commitment to integrating cutting-edge technologies into traditional business practices.  

Providing Digital Tools for Market Expansion

In partnership with the World Trade Organization (WTO) and the World Intellectual Property Organization (WIPO), the ITC unveiled a comprehensive digital toolkit for the participating firms. This toolkit, encompassing resources such as the Global Trade Helpdesk, Trade4MSMEs, and IP Diagnostics platforms, is meticulously designed to assist businesses in market comparison, trade journey guidance, and intellectual property rights protection. Additionally, these tools play a crucial role in enhancing brand competitiveness and adeptly navigating the intricate landscape of global trade.   Spotlight on Green Economy and Creative Industries The ITC also contributed to a workshop on the green economy, unveiling a novel approach to digital and green transitions in the Middle East and North Africa. Another workshop, co-organized with the United Nations Conference on Trade and Development (UNCTAD) and WIPO, provided insights into the global creative economy. It highlighted projects supporting handicraft industries and e-commerce platforms specializing in commercializing creative products.  

Practical Applications and Entrepreneurial Showcases

The summit wasn't just about discussions but also practical applications. Workshops on e-commerce explored advancements in online trading, using virtual reality for sales growth, and leveraging AI in marketing strategies. The SME Opportunity Zone was a vibrant area where entrepreneurs from the region showcased their products. Examples included Diana Baalbaki's Lebanese food venture 'Meals on Wheels', Stephan El Mur's organic jams and syrups brand 'Alchemist', and Aida Kandil's MyTindy marketplace, which helps artisans sell handicrafts and food products internationally.   Addressing Persistent Challenges for Arab SMEs These entrepreneurs highlighted the persistent challenges faced by small businesses in the Arab region. Issues like meeting market requirements, high shipping fees, scaling order difficulties, and limited tech literacy, especially in digital marketing and pricing, were common concerns. These challenges underline the necessity for continuous support and innovation in the SME sector.  

Summary

The Arab SMEs Summit in Marrakech emerged as a landmark event, significantly contributing to fostering growth and innovation among small businesses in the Arab world. By uniting diverse stakeholders, the summit effectively provided valuable insights into current trends, challenges, and opportunities within the business landscape. Moreover, the discussions and workshops conducted during the summit offered practical solutions and strategies, crucially aimed at driving small business growth. These sessions underscored the importance of collaboration, technology adoption, and a deep understanding of the market, which are essential elements in achieving business resilience and prosperity.   Sources: THX News & International Trade Center. Read the full article