Egypt's Trade and Industry Minister Amr Nassar said on Wednesday that his country will host an international forum for small and medium-sized enterprises (SMEs) in June 2019, with 52 countries participating in.

In an official statement, Nassar said that Egypt will host the meetings next summer in conjunction with a United Nations celebration on the same day at its headquarters in New York.

The minister said SMEs are a main pillar in boosting economic growth globally.

Nassar said that developing SMEs is a priority for the Egyptian government, pointing towards an initiative by Central Bank of Egypt to fund the enterprises.

The minister said that his ministry is keen on giving all the necessary support to these enterprises, which he said make up 80 percent of the country's national economy.

Egypt has been working to strengthen the booming sector over the past few years.

Last May, President Abdel-Fattah al-Sisi promised a five-year tax exemption for SMEs that register their businesses in the formal economy.

Egypt has been suffering an economic recession because of political instability and relevant security challenges following uprisings that have toppled two heads of state since 2011.

The turmoil led to a decline in the country's foreign currency reserves, foreign investments and tourism revenues.

In addition to floating its local currency to deal with dollar shortage, Egypt started in 2016 a strict three-year economic reform program, including austerity measures, fuel subsidy cuts and tax increase.