Minister of Industry, Trade and Labour Ehud Olmert, speaking at the World Association of Small and Medium Enterprises (WASME) Conference, told the participants that he had stressed the great importance and contribution of small- and medium-sized businesses (SMEs) to economic growth at Monday's (15 September) cabinet budget discussion.
"I told them that most of Israel's economy isn’t based on large plants and companies, but on small- and medium-sized businesses, like in the US. Small and medium businesses are the foundation for a strong and stable economy."
Olmert noted that the cabinet recently recognized the importance of SMEs, establishing a NIS250m working capital fund to help SMEs in financial trouble due to the recession.
The Israel Small and Medium Enterprises Authority (ISMEA) hosted the two-day conference in Tel Aviv, which was attended by delegates from over 80 countries.
