The recently held SME Ministerial conference in Johannesburg was a call to action for all participating countries and a recognition that it cannot be business as usual in this post COVID-19 environment. The event organised by the International Trade Centre brought together ministers and senior officials in the SME space from over 100 countries to explore key thematic areas including access to finance, the green transition and digital transformation. Hosted by the Government of South Africa, the conference served as a historic call to action to place SMEs at the centre of global trade policy, investment strategies, digital transformation, and environmental adaptation.
One clear observation from the week of consultations, bilateral talks and analyses is that countries the world over are faced with very similar issues. It has been underscored repeatedly that small and medium enterprises account for over 90 per cent of formal businesses and contribute over 50 per cent to Gross Domestic Product (GDP) and private sector jobs. These statistics alone justify the need for policymakers and administrators to ensure SMEs can pivot to new levels of growth regardless of the exigencies of climatic events, supply chain disruptions and geopolitical factors.
Access to finance: Tackling the $5.2 trillion credit gap
The World Bank estimates a staggering $5.2 trillion annual financing gap for SMEs. Some countries were able to demonstrate innovative programmes in this area. Examples include Egypt, who mobilised over $15 billion in development finance and $300 million in targeted technical assistance between 2020 and 2025. Barbados was able to share the success of its Trust Loans programme for start-ups and Fund Access as a second tier financial solution for early growth and expansion.
The meeting underscored that access to finance must be inclusive, equitable, and aligned with SME realities. It must move beyond high-level pledges to on-the-ground financial products, fintech integration, and targeted fiscal incentives.
Digital transformation: Bridging the divide for SME competitiveness
The digital economy was another dominant theme, with countries reaffirming the need for technological democratisation. While 90 per cent of digital services firms in Nigeria are locally owned, SMEs in small island developing states and landlocked nations remain significantly excluded. Highlights included:
Nigeria’s digital services directory: Launched in May 2025 with UNDP, the directory maps Nigeria’s digital firms across 17 sectors. Key findings include:
41 per cent of digital entrepreneurs are under 35
64 per cent of health tech and 48 per cent of edtech firms are women-led
Barbados and other Caribbean states emphasised the urgency of tailored digital policies and infrastructure investment to unlock regional innovation and plug SMEs into global value chains.
Asia’s digital economy framework agreement aims to establish trusted regional e-commerce and interoperable digital payment ecosystems by 2026.
The ministers affirmed that digital trade is not a privilege—it is the new baseline. Empowering SMEs to access digital infrastructure and training is now a global development imperative.
Climate resilience and the green transition
Climate change continues to disrupt SMEs globally. The ministerial session acknowledged that the transition to a green economy cannot succeed without empowering small enterprises as climate solution providers.
Egypt’s nexus of water, food and energy platform, launched at COP27, integrates SMEs into green infrastructure, sustainable agriculture, and energy transition pathways.
Switzerland’s partnership with ITC supports green trade tools and SME integration into circular economy value chains, particularly under the African Continental Free Trade Area.
Barbados’ Energy Smart Fund provides access to grants and low interest funding for energy efficient projects and the green transition.
SMEs were recognised as front-line actors in the climate response—able to deliver local innovations at scale, if adequately resourced and de-risked.
Other areas of strategic importance were youth and women entrepreneurship, and regulatory reform.
With over 70 per cent of Africa’s population under 30, Africa’s youth bulge is promoted as a comparative advantage. Some solutions to convert this potential into economic productivity includes:
The Digital Readiness Programme, supported by Google and Microsoft, which trains SMEs in AI, digital marketing, and future-of-work skills.
The Green Energy SME Programme, which trains youth as solar technicians and clean energy entrepreneurs.
The Industrial Development Centres, providing shared production spaces, stable electricity, and professional-grade machinery.
The story of Joy Dogara—a young Nigerian woman who trained at a government-supported hub and now exports over 600 garments to the UK—illustrates the transformative power of intentional SME investments.
The ministers across the African, Asian, European and Caribbean regions highlighted the importance of regulatory clarity and the dismantling of systemic barriers. Some proposals that can assist with business facilitation include:
Automating the corporate registration portal
Establishing small claims courts for SME dispute resolution
Enacting credit laws to increase SME access to collateral-free finance
Some countries echoed the concerns that non-tariff barriers, administrative burdens, and “firm-size neutral” trade rules disproportionately affect SMEs. They advocated for WTO reform, streamlined standards, and regulatory coherence to reduce market fragmentation.
The message was resolute—SMEs need rules that reflect their reality, not one-size-fits-all frameworks that stifle innovation and growth.
Multilateralism and regional cooperation emerged as vital anchors for success. The shared conviction was that no country thrives alone. Global prosperity depends on inclusive multilateral platforms that treat SMEs not as aid recipients but as policy co-creators.
From talk to transformation
The Global SME Ministerial conference concluded with a unified resolve to transition from declarations to delivery. The time for pilot projects has passed—scalability, co-investment, and policy alignment are the next frontiers.
As reiterated by Barbados’ Minister for Business Senator Lisa Cummins, investing in SMEs is investing in our shared future. The next steps require:
Clarity of purpose – ensuring every policy, budget, and trade agreement reflects the lived realities of SMEs
Credibility of action – with transparent, accountable delivery mechanisms
Commitment to alignment – across sectors, regions, and platforms
SMEs are not waiting for change. They are building it. Governments must now catch up—with bold reforms, inclusive investment, and empowered collaboration. The future of trade is small, connected, and powerful.
The Small Business Association of Barbados (www.sba.bb) is the non-profit representative body for micro, small and medium enterprises (MSMEs).
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