Experts say new generation of industrial policies critical for development of micro enterprises in the Caribbean

By CMC

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(CMC) – Authorities, international experts and representatives of the public and private sectors meeting here say the creation of new industrial policies that promote technological ecosystems is critical to the development Micro, Small and Medium-sized Enterprises (MSMEs) in Latin American and the Caribbean.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), delegates are addressing the main challenges facing these companies and the forging of cooperation strategies that help to overcome them at a high-level, two-day gathering, which ends Thursday.

The seminar is being organized by ECLAC, the European Union (EU) and the Argentine Industrial Union (UIA).

ECLAC said more than 200 delegates are attending the seminar, which was inaugurated Wednesday by Fernando Grasso, Secretary of Industry at the Ministry of Production and Labor of Argentina.

Grasso indicated that physical infrastructure and connectivity are key for MSMEs to be able to develop.

He also stressed the role that education plays as a tool that provides the capacity to produce people who foster innovation, according to ECLAC.

“We are living at a tremendous speed due to the change in the technological paradigm, which has a cross-cutting reach at a production level,” Grasso said.

“From that point of view, it is extremely important that there be an adequate level of infrastructure, so that companies can operate in an environment that allows for internalizing this kind of technology but also that there be policies for outreach that can help the SMEs understand what this revolution is all about,” he added.

ECLAC said the two-day seminar seeks to support governments of the region in developing better policies to further MSMEs, which represent about 99 percent of all companies, 61 percent of jobs and 25 percent of production in the region.

ECLAC said delegates are analyzing in particular the accelerated digital innovation “that is radically changing business models”; and productive processes and consumption patterns, “a situation that has put at the center of business strategies the capacity to build networks and productive systems that are duly articulated and integrated.”

Public-private dialogues are also being held “to advance on the formulation of new strategic guidelines for designing support measures for MSMEs that account for the changes in the global competitive scenario,” ECLAC said.

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