Member of the Board of Directors of Jordan and Amman Chambers of Commerce, Falah Sughayer, called on defining nature of small and medium-sized enterprises (SMEs) in the Kingdom, and developing laws to keep pace with global shift in business sector. In a statement on Monday, Sughayer said legislation should “urgently” define and classify companies according to number of their employees or sales. Sughayer added that these new laws would “remarkably” facilitate these companies’ access to funding from bank or donor financial institutions. Regionally, Sughayer referred to the possibility to benefit from Egyptian, Emirati and Bahraini expertise in developing “comprehensive” laws that keep pace with the global business transformations. Data released by Economic and Social Council (ESC) showed that 99.5% of Jordanian private sector companies are classified under SMEs category, he noted, adding that 89.7% are micro firms, 8.1% are small businesses, 1.7% are medium enterprises, while 0.5% are large establishments.
Source: Jordan News Agency
