“For SMEs to benefit more fully from global value chains, urgent actions are needed to improve the coordination of financial regulations, strengthen access to financing and skills, and maximize the sharing of information through digital platforms,” said Bernhard Welschke, BIAC secretary general, commenting today on the release of a BIAC-B20 Turkey special publication.
Faced with the slowest post-crisis global investment recovery since the early 1970s, there is a pressing need to unlock growth, investment and jobs. However, small- and medium-sized enterprises (SMEs) – which account for the majority of employment and over half of value-added in OECD countries – have struggled to access the financing they require to participate in and across world markets as banks have deleveraged to meet new regulatory requirements.
Conscious of the financing challenge, BIAC and B20 Turkey have released a publication halfway through the Turkish G20 Presidency entitled “Business Access to Global Value Chains and Financing SMEs.” Bringing together chapters written by prominent thinkers in government, academia, finance, and business, the publication seeks to pave the way for actions to support SMEs, in contribution to the G20 ahead of the Leaders’ Summit in November 2015.
“This BIAC-B20 Turkey publication underlines that SMEs can be best supported if all relevant actors in markets – public and private alike – undertake coordinated actions that support businesses in global value chains,” commented Rifat Hisarcıklıoğlu, B20 Turkey Chair. “Connecting the various B20 and G20 activities is central to this effort.”
Considering the outcomes from a BIAC-B20 Turkey conference held on June 4, 2015 at the OECD Headquarters in Paris, the final chapter of the publication presents three overarching recommendations to G20 Leaders:
- Focus on coordination, consultation and impact assessment
- Raise SME access to finance and skills through an integrated approach
- Maximize the sharing of information through digital platforms
“We encourage G20 Sherpas to use this publication as a key point of reference in preparing the G20 Leaders’ Summit Communiqué,” added Hisarcıklıoğlu.