Growing the Global Economy through SMEs International Aspirations

Challenges for SMEs development are multi-dimensional. As trade barriers, transport and communication costs fall, SMEs are required to add more value to their products to stay ahead and compete with lower cost rivals. Consumer demand is changing rapidly as incomes rise and choices increase when imported products become easily available in domestic markets. Competition within the developing world for export markets, foreign investment and resources is also intensifying. This motivates the focus on SMEs, its export competitiveness, business strategies, access for financing and so on. To enhance SME competitiveness, the creation of enabling legal, regulatory and administrative environments and capable institutional structures, and most importantly, human capital are required. Public and private sectors must work together to improve the functioning of markets at home, while intensifying efforts to integrate into the world economy. The book offers the patterns where each country has to find its own way to strengthen the legal, policy and institutional frameworks. This will contribute for better SME operating and setting the quality of the enabling environment.