The COMCEC Training Program on Empowering the International Trade Capacity of Maldivian SMEs officially began on December 16, 2024. 

The session was held at the Tradenet Head Office, in our Training Room. It was open to members of the Tradenet team, the BCC team, and the Ministry of Economic Development and Trade.

The COMCEC (Standing Committee for Economic and Commercial Cooperation of the OIC) is an organisation that promotes economic collaboration and development among its member countries.

COMCEC aims to enhance trade, investment, and prosperity through initiatives and partnerships, with a focus on strengthening SMEs and fostering sustainable growth.

Day one of the sessions opened with a speech by State Minister, Mr. Abdulla Siyaz from the Ministry of Economic Development and Trade, who emphasized the importance of SME growth in the international arena. 

The program is being led by Dr. Nazire Nergiz Dinçer, a distinguished professor in the Department of Economics at TED University and director of the TEDU Trade Research Center. With a career spanning decades, Dr. Dinçer holds a BS degree in Mathematics from Middle East Technical University and a Ph.D. in Economics from Bilkent University. 

Her extensive experience includes contributions to trade-related projects funded by organizations such as TUBITAK, the IMF, the World Bank, and COMCEC, making her uniquely qualified to guide Maldivian SMEs toward success in global markets. 

This initiative aims to give valuable insights about SMEs, emphasizing their significance, exploring strategies to further support them, and drawing inspiration from international examples to foster further growth and innovation locally. 

Day 1: Laying the Foundations for International Trade Success

Understanding SME Internationalization
The program began with a session focused on the conceptual framework of SME internationalization. 

Participants were introduced to the critical partnerships and initiatives that support SMEs in expanding beyond domestic borders. This discussion emphasized the importance of collaboration between private and public sectors to ensure international success.

Learning from Global Success Stories
Following this, there was a discussion of two compelling case studies. This offered participants a closer look at successful SME internationalization efforts:

• The Turkey case study demonstrated how capacity-building initiatives and infrastructure investments have helped local SMEs integrate into global supply chains.

• The Malaysia case study provided insights into government-backed incentives and training programs that have effectively supported SMEs in entering and competing in international markets.

Practical Steps for Implementation
The afternoon sessions transitioned into actionable strategies, focusing on principles for development and implementation in the context of SME internationalization. 

These practical takeaways gave participants a clear path forward to apply the insights gained.

As the day wrapped up, attendees expressed enthusiasm for the interactive discussions and valuable real-world examples that equipped them with a solid foundation of information.

Day 2: What to Expect 

With the second day set to begin, participants are looking forward to more in-depth discussions and hands-on sessions. Key topics to be covered include:

• Strategic Road Map for International Trade: Exploring strategies to create customized trade roadmaps, tailored to the needs of SMEs in the Maldives.

• Market Intelligence and Customer Insights: Learning how to conduct effective market research, identify target markets, and gather actionable customer intelligence for successful international market entry.

• Digital Trade and Data Security: Delving into modern trading platforms, the importance of securing trade data, and best practices for embracing digital tools in customs and supply chain management.

Day 3: The Final Day

The final day of the COMCEC Training Program on December 18, 2024, will focus on key topics to round off the sessions.

WTO Digital Trade and E-commerce Frameworks
The morning will cover the latest WTO developments on digital trade, data transfer regulations, and e-commerce, along with insights into Trade Agreements and the Digital Economy (DEPA) and their impact on businesses.

Risk Management in International Trade
Participants will explore risk elements such as supply chain disruptions, logistics challenges, and methods for effective risk mitigation in cross-border trade and e-commerce.

Sustainability and Trade
The afternoon will address the importance of sustainability in trade, focusing on environmental standards, trade policies, and the opportunities and challenges for developing countries.

The first day of the COMCEC Training Program set the stage for empowering attendees with knowledge and actionable strategies to aid and promote local SMEs. 

As the sessions continue tomorrow, participants are eager to deepen their understanding and build the skills necessary to understand the complexities of trade.

Tradenet would like to extend its heartfelt gratitude to all participants for their enthusiastic involvement, to Dr. Nazire Nergiz Dinçer for her expert coordination, and to State Minister Abdulla Siyaz for his inspiring opening address. 

We are proud to host these sessions and are confident that the attendees will gain valuable insights into SMEs, international trade, and strategies for developing and supporting local businesses in the global market.