Enabling global trade for Small Medium Enterprises (SMEs) is a key factor for economic growth in many countries, and considering that this segment is responsible for 75% of employment, it should be a key priority for policymakers.
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However what we have found is that more than half of all SMEs are missing out on global business opportunities due to lack of access to infrastructure and regulatory expertise. Both elements are important to SME growth, which is expected to contribute 600 million jobs by 2030 to fuel a growing global workforce, according to the World Bank.
With the objective of addressing the key challenges hampering SMEs to global entry in trade, Mastercard has become a prominent player in the global trade space by working with strategic partners from the private sector and International Development Organizations to connect the dots in the ecosystem.
In partnership with the Inter-American Development Bank (IDB), Mastercard hosted the second SME Salon on trade at the LAC Innovation Forum, counting on inputs from key stakeholders from the banking and fintech industries, trade associations and government representatives.
Key in the agenda was how Government and international development organizations can influence the growth of cross-border e-commerce for SMEs, via a well-balanced policy approach and practice.
As an outcome of this forum, I co-wrote a white paper to capture the key pains facing SMEs and the possible solutions and desired outcome to address this.
You can access the white paper via this link:
Crossing the Digital Border Four Ways to Transform the SME Global Market
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