International Financial Centers: Sustaining SME Growth in a Post-COVID World – Webinar
According to the OECD, ‘Small and Medium-Sized Enterprises (SMEs) are the predominant form of enterprise, accounting for approximately 99% of all firms’. They provide the main source of employment, accounting for about 70% of jobs on average, and are major contributors to value creation, generating between 50% and 60% of value-added on average. In emerging economies, SMEs contribute up to 45% of total employment and 33% of GDP. When taking the contribution of informal businesses into account, SMEs contribute to more than half of employment and GDP in most countries.
The COVID-19 Pandemic has tested the resilience of every economy and every company. With access to finance and its customer-base critical factors at any time for an SME, how have governments and their supportive financial eco-systems, such as that provided by an international or regional finance center, fared in this current crisis? And what are the steps being taken to mitigate the impacts and reconstruct the foundations for SME growth?
Leading figures from across the global financial industry discussed those questions at a webinar, run in association with AIFC Business Connect and AIFC Astana Finance Days.
- Jochen Biedermann – Managing Director, World Alliance of International Financial Centers
- Jennifer Reynolds – President and CEO, Toronto Finance International
- Frederic de Laminne – Secretary-General, The Belgian Finance Center
- Akshu Campbell-Holt – Head of Market Research, AIFC Business Connect
- Zahra Abdel Rassoul – Deputy Managing Director, Stuttgart Financial
- Mourad Fathallah – Head of Strategy & International Partnerships, Casablanca Finance City
- Nandini Sukumar – CEO, World Federation of Exchanges
Please click here to watch a recording of the webinar.