Confronting the challenge of stagnant intra-bloc commerce, which stands at approximately 925 billion despite a collective of over 100 million small and medium enterprises (SMEs), member states of the Organisation of Islamic Cooperation (OIC) have pledged to bolster entrepreneurship and inclusive economic development through a landmark new initiative.
The commitment was formalized with the unanimous adoption of the historic Baku Declaration during the inaugural meeting of the OIC Small and Medium Enterprises Network (OIC-SMENET). Pakistan was represented at the gathering by Mr. Socrat Aman Rana, Chief Executive Officer of the Small and Medium Enterprises Development Authority (SMEDA), on behalf of the Ministry of Industries and Production. The event was coordinated by the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) and held alongside the Azerbaijan Halal Business (AZHAB) exhibition.
Speaking at the event, CEO SMEDA stated that the Baku Declaration acknowledges the vital role of small businesses as engines of economic growth, employment generation, and innovation. He noted their importance in addressing pressing global issues such as digital transformation, climate change, and post-pandemic recovery.
Mr. Rana observed that the OIC-SMENET is poised to become a dynamic, institutionalized platform designed to connect and empower enterprises across the OIC region.
He emphasized the vast untapped potential within the 57 OIC member states, which represent a population of over 2.1 billion people and host more than 100 million SMEs. Despite these figures, he pointed out that intra-OIC trade, comprising 452 billion in exports and 473 billion in imports, remains heavily concentrated in hydrocarbons.
To achieve sustainable advancement, Mr. Rana noted that ventures across the OIC must move up the value chain, diversify their products, and transition toward higher value-added sectors. The new network, he said, provides a critical foundation for deeper SME interaction and cooperation among member nations. “Through this platform, countries can unlock the true potential of their SMEs by promoting knowledge sharing, capacity building, and collaborative initiatives,’ he said.
Rana stressed that in today’s interconnected global economy, no single country can unleash the full potential of its SME sector in isolation and that collective action is essential. The OIC-SMENET will facilitate business-to-business linkages, enhance intra-OIC commerce, integrate regional value chains, and advance digital and green transformation agendas.
Highlighting domestic efforts, the CEO described SMEDA”s pivotal role as Pakistan’s apex institution for SME development. He detailed its mandate, which ranges from policy formulation and establishing common facility centres to providing direct enterprise support and capacity building to catalyze SME growth.
Reaffirming Pakistan’s dedication to the OIC-SMENET Work Plan, Rana announced that SMEDA will establish a specialized team for strategy and technical assistance. The authority will also provide research inputs for evidence-based decision-making, organize consultative sessions to refine the network’s operational model, and leverage international partnerships to encourage wider participation.
He concluded by reaffirming SMEDA’s full commitment to ensuring the network evolves from a forum for dialogue into a catalyst for lasting impact on small businesses across the OIC region, expressing gratitude to KOBIA and SESRIC for organizing the inaugural meeting.