While supporting small and medium enterprises may easily be seen as a solely economic matter, it’s actually also a development issue.
At the launch of the Asian Development Bank’s Asia SME Finance Monitor 2014 early this month, Stephen Groff, vice president of operations at ADB, emphasized this point when he talked about the need to address the problems that plague SMEs in the Asia-Pacific region.
“Prioritizing SME development is critical for promoting inclusive economic growth in the long run,” Groff said. Adequate access to finance, enhancement of productivity and boosting the internationalization of SMEs are all crucial for these businesses “to survive and grow,” he added.
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About the author
Anna Patricia Valerio
Anna Patricia Valerio is a former Manila-based development analyst who focused on writing innovative, in-the-know content for senior executives in the international development community. Before joining Devex, Patricia wrote and edited business, technology and health stories for BusinessWorld, a Manila-based business newspaper.
