Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has introduced a new programme called ‘Escalation of Small and Medium Enterprises’ to improve standards of SMEs.
The programme aims to facilitate growth, ensure classification improvement and promote development of SMEs.
In a statement highlighting the objectives of the programme, ASMED said it consists of two phases – an acceleration phase targeting registered SMEs that have updated their data, and a future path phase for announcement of SME registrations and selection of the most qualified enterprises for escalation.
The programme focuses on various aspects to help SMEs achieve goals, while aiming to increase manpower, boost annual revenues, generate employment opportunities, and support the expansion and growth of enterprises locally and regionally.
Additionally, it aims to enhance the contribution of SMEs to the country’s GDP, promote local industries and elevate the quality of services and products.
As of June 2023, the total number of SMEs registered with ASMED was 104,574. The total number of registered SMEs as of September 2022 was 210,877.