Italy’s commitment to the development of cooperation between European and Asian countries continues. In this light, an international seminar on “Access to Finance for SMEs in Europe and Asia” will be taking place at the Farnesina on 29 and 30 October 2015. The event is organised by the Ministry of Foreign Affairs and International Cooperation and the Bank of Italy, in collaboration with the Institute of International Affairs (IAI).
The aim is to encourage the creation of common strategic lines designed to open up access to credit for small and medium-sized enterprises (SMEs) and improve the institutional framework supporting them. This includes diversifying lending procedures and sources of funding with a view to stimulating sustainable, innovative and inclusive development by the two regions.
Participants will include the Under-Secretary for Foreign Affairs and International Cooperation, Benedetto Della Vedova; Valerio Sannucci, board member and Deputy Director General of the Bank of Italy; the Minister of Finance of the Philippines, Cesar Purisima; the Deputy Economy Minister of Indonesia, Rudy Salahuddin; and the Executive Vice President of the Bank of China, Zhang Jinliang.
The conclusions of the seminar will be carried forward to the 12th ASEM Foreign Ministers Meeting on 5 and 6 November in Luxembourg and the 11th ASEM Summit scheduled to take place in 2016 in Mongolia.
“Access to Finance for SMEs in Europe and Asia”
Access to credit is strategic for businesses and a priority for Italy. Indeed, it was one of the priorities of the last Italian Presidency of the European Union. And at Italy’s initiative the issue was discussed by heads of state or government of the two continents at the 10th ASEM Summit in Milan in 2014.
At the seminar at the Farnesina on 29-20 October, participants will seek to identify and promote common policies on access to credit through discussion and the exchange of best practices by Asian and European experts and policy makers. In both continents, the activity of SMEs is a vital pillar for national economies.
In Asia and Europe, however, economic activity by SMEs is limited by scarce access to credit. In an increasingly interconnected global economy, SME’s must have access to the funding they need to develop innovative and competitive businesses to ensure their access to global markets and foster sustainable economic growth.
In both regions, SMEs are vital drivers of economic growth. In Europe, nine out of ten companies belong to this category. They employ two of every three employees and produce 58 cents for every euro of added value. In Asia too, where the proportion of SMEs is similar, the category generates about 38 of GDP.
