(Johannesburg/Geneva) – Ministers and other heads of delegations of more than 60 countries today endorsed a first-of-its-kind call to action at the closing of the inaugural Global SME Ministerial Meeting, hosted by the South African Department of Small Business Development (DSBD) and the International Trade Centre (ITC).
Countries endorsing the call to action align on three key areas that will harness the development of small businesses: access to finance, digital transformation and green competitiveness. The actions involve:
Expanding access to finance for small businesses by working with financial services providers, international financial institutions and regulators to increase the affordability and variety of financing options, strengthen small businesses’ financial skills to improve bankability, and promote a supportive, inclusive financial regulatory environment;
Accelerating small businesses’ digital transformation by working to ensure equitable access to affordable and reliable digital infrastructure and connectivity, support the development of digital skills and nurture talent, and foster a flexible and enabling regulatory environment; and
Scaling up the green transition by working to facilitate small businesses’ access to affordable green finance; build skills and knowledge in green technologies and practices, including through collaboration with business support organizations; and promote a clear, balanced, and supportive regulatory framework.
Read the white papers on which the call to action is based.
In endorsing the call to action, countries agree to work with fellow governments, regional blocs, development partners, private sector institutions, international agencies, foundations and other key stakeholders in translating recommendations in the white papers into concrete actions, backed by clear timelines, dedicated resources and measurable outcomes.
Read the Global SME Ministerial Meeting call to action here.
The Global SME Ministerial Meeting marks the first time that small businesses are officially recognized as a distinct constituency in global trade.
Small businesses make up backbone of most economies, accounting for 90% of all companies and more than half of jobs worldwide.
Speaking at the closing session, as introduced by South African Minister of Small Business Development Stella Tembisa Ndabeni, South African Deputy President Paul Mashatile said: ‘We must prioritize SMEs’ development to create jobs, raise income and overall economic growth, all of which benefit the youth, women and other marginalized groups. Our global assistance for small enterprises can help empower young entrepreneurs, allowing them to positively affect their communities and beyond.’
Watch the livestream of the closing session here.
Speaking on outcomes at the closing session, ITC Executive Director Pamela Coke-Hamilton said: ‘We have to ensure this call to action has tangible and measurable results for the next two years and establish a roadmap moving forward. This is not a one-off; we want to set up an advocacy platform. What we’ve started here is a movement.’
See the latest information on the Global SME Ministerial Meeting landing page.
This high-level event took place on 23-24 July. The Ministerial was preceded by the Trade Promotion Organizations Leadership Dialogue on 22 July, in which heads of national trade promotion organizations developed strategies to better engage with SME ministers to bring the voice of small business into policymaking.
More than 700 delegates from more than 60 countries participated in the Ministerial, including ministers, other heads of delegation, heads of national trade promotion organizations, business leaders and entrepreneurs. Ministerial-level delegates convened from across the world, from Bangladesh to Brazil, from Cameroon to Costa Rica, from Senegal to Switzerland, from the United Arab Emirates to the United Kingdom.
Notes for the Editor
About the Department of Small Business Development – The Department of Small Business Development is leading and coordinating an integrated approach to the promotion and development of entrepreneurship, micro, small and medium-sized enterprises, as well as cooperatives, to ensure an enabling legislative and policy environment to support their growth and sustainability. The Department provides financial and non-financial support to the MSMEs and cooperatives in South Africa.
About the International Trade Centre - The International Trade Centre is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals. For more information, visit www.intracen.org. Follow ITC on X | Facebook | LinkedIn | Instagram | Flickr
Media contacts
Mr. Siphe Macanda
Head of Communications
Department of Small Business Development Email: [email protected]
Mobile: 082 355 2399
Facebook: https://www.facebook.com/DepartmentOfSmallBusinessDevelopment
X: @DSBD_SA
Website: https://www.dsbd.gov.za/
Ms. Susanna Pak
Senior Strategic Communications Officer
Office of the Executive Director
International Trade Centre
Email: [email protected]
