The Backbone of Our Economy: Global Small Businesses

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Global small businesses are vital to the USA recovery from the global pandemic yet micro, small and medium enterprises (MSMEs) can power an even stronger recovery from the COVID-19 pandemic, due to their innovative and opportunity-seeking nature, but they need more support.

Such support should be aligned with the priorities of the post-COVID-19 social and economic recovery, said the United Nations Conference on Trade and Development (UNCTAD) Acting Secretary-General Isabelle Durant.

Read on to find out how supporting small businesses is critical for COVID-19 recovery.

Unlocking Sources of Global Growth: SMEs

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Small and Medium Enterprises (SMEs) represent about 90% of businesses and more than 50% of employment worldwide, accounting for the majority of businesses worldwide.   They are important contributors to job creation and global economic development.

Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.  SMEs also play a major role in most economies, particularly in developing countries. 

A key area of the World Bank Group’s work is to improve SMEs’ access to finance and find innovative solutions to unlock sources of capital.  Learn the results of their work.

How to Boost Global Competitiveness Through E-Commerce Platforms

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Yesterday (6/3) in Malaysia, representatives from 150 small and medium enterprises (SMEs) attended a one-day workshop in Kuala Lumpur, part of the US-Asean cooperation in boosting the competititiveness of Asean SMEs.

What did they learn?  How to boost their regional and global competitiveness by using e-commerce platforms and tools.

Leaders from large US firms such as Baker & McKenzie, eBay, Google, Paypal and UPS shared information focusing on leveraging e-commerce platforms and payment tools, maximizing international shipping and delivery services, the legal aspects of cross-border e-commerce, as well as strengthening global market presence through online marketing.

Learn more:  Building the competitive power of Asean's small business

Have you taken advantage of the e-commerce marketplace?