With the kickoff of the 2016 China “Business 20” (B20) proceedings in Beijing a few days away, this is an opportune time to reflect on some of the key accomplishments of the 2015 Turkey B20. As most readers know, the B20 is the premier dialogue platform of the business community with the G20 policy-makers representing the most important economies of the World, and is influential in identifying and supporting policies and actions that are crucial for overall economic development. I believe taking stock of the past enables us to learn from both successes and failures, and helps sustain the momentum on what worked and generated the desired impact.
Looking back at my involvement as Chair of the B20 Steering Committee last year, what strikes me as a major achievement is the amplification of the voice of small and medium enterprises (SMEs). I believe that, if we want our economies to have healthy inclusive growths, this must remain as a key priority for the upcoming B20 in China.
Participants in the Turkish G20/B20 process shared the assessment that the SMEs’ potential was not being fully realized. SMEs account for about two thirds of all private sector jobs globally and 80 percent of net job growth. They are the engine for equitable growth and poverty alleviation. And they are the backbone of the middle class and social stability. Yet, they suffer disproportionately from limited access to markets, finance, talent, skills, and innovation. In addition, regulations also often put them at a disadvantage. Until recently SMEs had lacked an organization that would champion their cause.
With these major issues in mind, and with strong deliberations of the B20 Leadership and support from the G20 Finance Ministers, last year TOBB and the ICC officially founded, the World SME Forum (WSF), with the mission to help improve the overall growth and impact of SMEs globally, by effectively tackling the above challenges. WSF aims to provide SMEs with effective representation and advance the recognition of the role of SMEs in the global economy, by partnering with international financial institutions (IFIs) and development agencies, and with membership from associations and chambers working in the SME space from all over the world.
The WSF is ready to represent SME interests with regional and global bodies, and advocate for better rules and regulations among standard setters.
As I am on my way to Beijing, I cannot help but think that this is indeed a major achievement, which will give the SME development agenda a much better chance at succeeding. WSF can be a “bridge” across B20 presidencies, so that we can ensure continuity in the crucial SME agenda, and to avoid losing momentum on the implementation of the recommendations we develop during each cycle.
Even better, after B20 China officially decided to continue the SME Development Taskforce, which was started for the first time by B20 Turkey, they invited WSF to be a Business Network Partner for the Taskforce. WSF will be therefore coordinating the network, and help drive the ideas that emerge from the Taskforce discussions into implementation.
I am thrilled that this year’s SME Development Taskforce will be chaired by Jack Ma, CEO of Alibaba.com — one of the most prominent business icons who managed to turn his startup SME into the company that did the largest IPO in a little more than a decade.
So, we are in for exciting times, where we can bring to the table continuity, and focus on implementation and inspirational leadership. WSF is ready for the challenge, as it has already had major achievements during the first few months of its creation:
In collaboration with our founding members – ICC and TOBB-, our institutional partners –the World Bank Group, OECD, and ITC—and with the members of the B20 SME Development Taskforce, we will keep on amplifying the voice of SMEs and we will support them in creating the jobs and innovations that are so sorely needed by our economies. We will do our best to rise up to the challenge of global SME advancement. The impact we can achieve together can be a game changer.