COMESA Business Council: SMEs drive 43% of Egypt’s GDP

Small and medium enterprises (SMEs) constitute 43 per cent of Egypt’s gross domestic product (GDP), employing over 75 per cent of its workforce, said Sherif El Gabaly, Deputy Chairman of the COMESA Business Council (CBC), on Sunday.

El Gabaly emphasised the importance of SMEs in driving economic growth during a workshop organised by the CBC and the Egyptian Businessmen’s Association (EBA) to explore digital tools for enhancing financial inclusion for SMEs.

He highlighted the EBA’s efforts to boost Egypt’s intra-Africa relationships. The EBA joined the CBC in 2020, targeting a better representation for the private sector in the COMESA region.

Egypt’s focus on digital financial inclusion was also addressed by El Gabaly. He praised the cost-effectiveness and accessibility of digital financial services, which cater to individual needs through a range of formal financial products.

The growing global emphasis on financial inclusion, particularly for SMEs, was another key point raised by El Gabaly. He recognised its importance in addressing economic diversification challenges and achieving sustainable growth.

Boosting intra-COMESA trade ties

The workshop has covered the COMESA digital financial inclusion programme, helping micro, small, and medium enterprises (MSMEs) access cross-border digital financial services to enhance their participation in intra-COMESA trade.

It has also focused on essential skills the SMEs need to integrate digital services effectively and have a better access to financial services and expanded market reach.

Attribution: Amwal Al Ghad Arabic