120 Experts Unite: SMEs Face Struggles, Minister Warns

In an assessment of the current economic landscape, the Minister of Industry, Small and Medium Enterprises, and Cooperatives, Adil Ameer Meeah, revealed troubling insights into the manufacturing sector during a press conference on the afternoon of Thursday, 6th March.

“Over the past ten years, we have seen a significant contraction in the manufacturing industry, and our exports have taken a distinct downturn,” he explained, shedding light on the dire state of the sector.

Minister Meeah recalled the recent Industrial Round Table held in February at Balaclava, which gathered over 120 participants.

He emphasised that this initiative was not merely a discussion but aimed at crafting a strategic plan for the next five years, a glimmer of hope amidst the prevailing gloom.

However, the Minister is addressing the serious plight of small and medium enterprises, which he described as enduring severe challenges.

“These enterprises are the backbone of our economy, yet they find themselves navigating through turbulent waters,” he asserted, underscoring the urgency of the situation.

In a move that could reshape the landscape for SMEs, Minister Meeah also announced plans to revise the SME Act of 2017.

The Minister acknowledged the necessity of aligning the legislative framework with the new realities and challenges that face this vital sector.

Source: Defi Media