Published Paper Details:

Abstract: Small and medium-sized enterprises (SMEs) are key drivers of economic growth, providing employment opportunities, increasing competition and productivity, and facilitating innovation. To ensure their continued success and contribution to the economy, governments and other stakeholders need to implement effective strategies that address the challenges faced by SMEs. This paper will discuss some of the current strategies being used to develop the contribution of SMEs to the economy, including the promotion of access to finance, the improvement of business infrastructure and the provision of targeted education and training programs. The paper will also outline the potential benefits of these strategies and discuss the challenges that must be addressed to ensure their success. One of the main obstacles faced by small and medium-sized enterprises is the difficulty of obtaining financing. Governments can support SMEs by introducing economic reforms that increase access to finance for SMEs. This could include providing government-backed loans and guarantees, creating venture capital funds, and reducing the regulatory burden. Governments and other stakeholders should provide training and education programs to help SMEs develop their capacity and skills. This could include providing tailored business advice, training on digital technologies, and access to markets. Governments should create an environment where innovation is encouraged. This could include setting up incubators and accelerators, providing grants and tax incentives, and developing regulations that support the development of innovative SMEs. Governments can help SMEs to access domestic and international markets. This could include providing trade finance, creating marketplaces, and reducing tariffs and other barriers to trade.