Support sustainable economic growth by fostering SMEs access to capital, promoting open innovation ecosystems with customer data subject to common protections across sectors, accelerating digitalization and innovation processes in the financial sector, and by increasing the efficiency of Global Value Chains and, on a more regional level, of Integrated Value Chains.
SMEs are crucial in sustaining economic growth, especially in developing countries, hence it is important to ensure they have adequate access to capital. The pandemic has particularly affected SMEs by creating deep liquidity shortages that could cause insolvencies in the future.
Innovation and digitalization in the financial sector play a crucial role in favoring economic growth and inclusion.
Global Value Chains (GVCs) are an important engine of the world economy. They have brought various benefits to firms, such as:
• possibility to source their inputs more efficiently
• access to knowledge and capital beyond the domestic economy
• ability to expand their activities into new markets