Baku: Investing in SMEs is an investment in sustainable development and long-term prosperity, emphasized Zehra Zmrt Sel§uk, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries. She made these remarks during a session titled 'Strengthening the Role of Small and Medium Enterprises as Key Actors in Building Sustainable, Inclusive and Resilient Cities' held as part of WUF13.

According to Azeri-Press News Agency, SMEs globally account for about 90 percent of all businesses and provide more than half of total employment. In certain member states of the Organization of Islamic Cooperation, SMEs constitute up to 90 percent of all enterprises. Sel§uk noted that SMEs are fundamental to the economic and social fabric of local communities. By broadening the production base, they help in economic diversification and lessen reliance on a limited number of sectors.

Sel§uk highlighted the significant role of SMEs during various crises, citing the recent Kahramanmaras earthquake in Trkiye as an example. She mentioned Trkiye's 'Restoration of Small Industrial Sites and Economic Recovery' project, which plans to support over 1,600 micro-enterprises. She further underscored the importance of the OIC SME Network in fostering cooperation and mutual learning, alongside projects aimed at strengthening SME development agencies.

In conclusion, Sel§uk asserted that investing in SMEs is synonymous with investing in the long-term welfare and sustainable development of societies. She stressed the necessity of keeping SMEs at the forefront of sustainable urban transformation efforts.