Kuala Lumpur: Facilitating the growth of the small and medium scale enterprise (SME), which is the backbone of the economy in the Muslim world, along with empowerment of women will be the central focus at the 11th World Islamic Economic Forum (WIEF) in Malaysia, fresh from its stellar success in Dubai last year.
According to WIEF, in the Association of South East Asian Nations (Asean) SMEs account for more than 50 per cent of its Gross Domestic Product, while in Dubai they form 40 per cent of the economy.
“In the wake of the global economic slowdown, it is important to close the deepening income gap for economies to sustain their growth. We believe the way forward is to develop an enabling ecosystem for the Small and Medium Enterprise [SME] sector,” Tuna Mousa Hatim, chairman of WIEF Foundation told journalists at a press briefing ahead of the summit on Monday.
“Small and medium enterprises don’t catch headlines, but are very essential as a backbone of the economy, especially developing and Muslim countries depend on SMEs for their economies to survive,” he said
“Unlike Davos, we recognise the realities of developing countries in so far as the role of business in the overall economies of developing countries are concerned, and because of that the role of SMEs are very important,” Hatim said. “We represent the developing economies,” he added.
The WIEF plans to showcase 44 start-ups from nearly 30 countries showcasing their innovative ideas to an international audience, which includes angel investors and venture capitalists among others.
WIEF will host a total of 11 head of states, in addition to the president of the Islamic Development Bank along with the Malaysian prime minister and deputy prime minister and members of their cabinet, said Tan Sri Ahmad Fuzi Abdul Razak, secretary general of the WIEF Foundation.
“Our smaller activities need recognition, the activities relating to women is very very popular. It’s small in terms of contribution, but the recognition of the real needs of the developing societies,” Hatim said.
Over the years, WIEF has been trying to facilitate the businesses of women entrepreneurs in the Muslim world through facilitating financing, sharing technology etc.
The WIEF plans to launch the women alumni group this year which would have top successful women entrepreneurs and also plan to launch a mentorship system.
“Those successful women, who have been identified by us and have been successful over the years, will be mentoring a few other women,” said Dato Norraesah Mohammad, trustee and chairman of WIEF businesswoman Network.
The WIEF has identified 5 mentors and 10 businesswomen currently, and the foundation plans to link them through the internet.
