SMEs across OIC member states pledge to intensify efforts to promote economic development

LAHORE: The Small and Medium Enterprises (SMEs) across the Member States of the Organisation of Islamic Cooperation (OIC) have pledged to intensify collective efforts to promote entrepreneurship, industrialization, and inclusive economic development.

The commitment was made at the inaugural meeting of the OIC Small and Medium Enterprises Network (OIC-SMENET), where participants unanimously adopted the historic Baku Declaration. Socrat Aman Rana, Chief Executive Officer of the Small and Medium Enterprises Development Authority (SMEDA) is representing Pakistan in this meeting on behalf of the Ministry of Industries and Production, government of Pakistan. The event was organized under the coordination of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) and on the sidelines of the Azerbaijan Halal Business (AZHAB) exhibition.

Speaking on the occasion, CEO SMEDA said, the Baku declaration recognizes the vital role of SMEs as engines of economic growth, employment generation, innovation, and diversification, especially in addressing the pressing global challenges of digital transformation, climate change, and post-pandemic recovery.

He observed that the OIC-SMENET will soon evolve into a dynamic and institutionalized platform that connects and empowers SMEs across the OIC region.

He emphasized that the 57 OIC member states represent a population of more than 2.1 billion people and host over 100 million SMEs. Despite this immense potential, intra-OIC trade currently stands at around USD925 billion-USD452 billion in exports and USD473 billion in imports - much of which remains concentrated in hydrocarbons.

He noted that to achieve sustainable growth, SMEs across the OIC region must move up the value chain, diversify their products and services, and transition toward higher value-added sectors. The OIC-SMENET, he said, provides a critical foundation for deeper SME interaction, connectivity, and cooperation among member countries.

“Through this platform, countries can unlock the true potential of their SMEs by promoting knowledge sharing, capacity building, and collaborative initiatives,” he said.

He stressed that in today’s interconnected global economy, no single country could unleash the full potential of its SME sector in isolation and collective action is essential. The OIC-SMENET, he explained, will enable business-to-business linkages, enhance intra-OIC trade, integrate regional and global value chains, and advance digital and green transformation agendas.

Rana also highlighted SMEDA’s pivotal role as the apex institution mandated to facilitate SME development in Pakistan. “From policy formulation and the establishment of common facility centres to direct enterprise support and capacity building, SMEDA continues to catalyze SME growth and internationalization.”

Copyright Business Recorder, 2025