JOHANNESBURG, July 23 (Xinhua) -- South Africa hosted the inaugural Global Small and Medium Enterprises (SME) Ministerial Meeting at a time of mounting challenges for small businesses, marked by disrupted supply chains, shifting geopolitics, and rising protectionism, according to the country's business minister.
"Global value chains are undergoing rapid changes, with rising trade protectionism posing a threat to markets for micro, small and medium enterprises (MSMEs), especially in developing and less developed countries," Minister of Small Business Development Stella Ndabeni said on Wednesday.
Addressing the Global SME Ministerial Meeting in Johannesburg, Ndabeni noted that these challenges are having a direct impact on developing economies and emerging enterprises.
Ndabeni said efforts are underway to enhance support for MSMEs in accessing markets and finance, and to position them as strategic actors in the global economy.
"This is why we are advocating for the establishment of a dedicated G20 MSME and Startup Working Group, to be formally included in the G20 Declaration in November. Let this be one of the key legacies of our collective efforts," she said.
Ndabeni said substantial work had been undertaken to support MSMEs in the lead-up to the meeting. She highlighted the vital role MSMEs play in driving economic growth and innovation, describing them as "engines of economies and incubators of innovation."
The meeting, running from Tuesday to Thursday, is intended to empower participants with knowledge, facilitate the exchange of best practices, and promote the development of strategic partnerships at both bilateral and multilateral levels, in order to strengthen national MSME support ecosystems, Ndabeni said.
