Baku: Executive Director of COMSATS, Ambassador Dr. Mohammad Nafees Zakaria, advocated empowering and building resilience in SMEs against future financial shocks and situations arising from crises like COVID-19 and Climate Change. He emphasized converting challenges into opportunities through the use of technology. He was invited by the Italy-based International Network for Small and Medium Enterprises (INSME), as a panelist and representative of COMSATS, at the 18th Annual Meeting of INSME, held in Baku, in collaboration with KOBIA, Azerbaijan’s Department for SMEs.
COMSATS, an intergovernmental organization, is a member of INSME. State officials, businessmen, representatives of international organizations, and member institutions of INSME from different countries of the world participated. The theme of the event was ‘Empowering SMEs: Economic Diversification and Green Growth’.
Four sessions of the panel discussion were held, focusing on sustainability and energy challenges for SMEs; building SMEs’ readiness to cope with current and future crises; promoting innovation for green growth; and policy responses.
Sharing his thoughts on building the resilience of SMEs, Dr. Zakaria suggested that SMEs need to consider adding diversity to their products and services; adapt to the changing dynamics of the business world through the use of technologies, go beyond borders to acquire a greater share in the regional and global markets and compete with MNCs; and work towards preparedness to survive in the face of challenges. He underlined that respective governments with major stakes have a responsibility to ensure the sustainability of SMEs. The Governments should lay down policy frameworks that among other things enable SMEs to develop skills in their workforce. He in particular emphasized digitization and innovations as a means to lessen vulnerability and maintain continuity in businesses during crises.
During the General Assembly of INSME which had the participation of its board members and representatives of the member organizations, Ambassador Zakaria was apprised about COMSATS, as well as its ongoing and future activities. Welcoming cooperation between COMSATS and INSME, he shared prospective interventions that could be made jointly by the two organizations. He underlined the need for the international community and intergovernmental organizations such as COMSATS to feel obliged to play their part in supporting developing countries to bridge their resource gaps.
The meeting concluded on the note of expanding regional and international collaboration to support SMEs and giving voice to their concerns and challenges.
