sme’s access to global market
TRANSCRIPT
SME’s Access To Global Market
• It was rightly quoted in Forbes that, if you don’t drive your business, you will be driven out of business. How can one explore the options of driving their small and medium enterprise into a global trade?
• Global exports are expected to reach a total of US$68.8tn by 2060. This provides SMEs a pinnacle of opportunities to start rooting into the trend. Such a platform is E-commerce says, Commerce Secretary of India, Ms. Rita Teaotia. Use of E-commerce gives access to markets across borders. Particularly in emerging countries, SMEs contribute up to 46% of employment and 35% of GDP. Globalization lets the international market tap into the potential of Small and Medium Industries.
• Various challenges of SMEs in countries like India and Middle East are similar; however the rate of growth is different. Indian SMEs stresses more on supplier development and total production managements. China and Middle East concentrate on management of relationships and cost reduction.
• It is also true for EU nations, where more than 99% of all European businesses are SMEs, gets a hard hit by the tightening of credit and weakening economic outlook during recessions. At times like these, SMEs could be the key to getting Europe’s economy back on track. But even with the ongoing Euro crisis, a large amount of population there are skeptical on globalization and think that smaller businesses need protecting from the negative effects of globalization to preserve its diversity
• The main motive is to shape competitive strategies by forming policies and regulations that will preserve human relations together with helping them launch their enterprise internationally.
• The question is whether stepping stones such as E-commerce, offer advantages to SME entrepreneurs to help facilitate their access to global market and help them overcome the disadvantages.
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