The ministry of micro, small and medium enterprises (MSME) is mandated to convene three SME working group meetings and the inaugural BRICS MSME forum during the chairship.
The first SME working group meeting was held virtually on April 24 and focused on improving access to finance for MSMEs. Discussions among BRICS member countries centered on bridging the MSME credit gap through financial inclusion, literacy and credit readiness, and fintech-driven ecosystems for expanding SME credit and enabling seamless global trade payments, the ministry said in a statement.
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The meeting saw participation from all BRICS member countries and served as a platform to exchange experiences and best practices on MSME financing challenges and opportunities.
The deliberations highlighted the need for a multi-pronged approach to improve financial inclusion, strengthen financial literacy and enhance the credit capacities of MSMEs.
Participants also underscored the role of MSMEs in driving economic growth, employment generation, innovation and inclusive development, while flagging persistent challenges related to timely and adequate credit access. Further, the meeting stressed the importance of deeper collaboration among BRICS countries to strengthen institutional capacities, promote innovative financing mechanisms and build a supportive ecosystem for MSME finance.
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“The discussions also facilitated valuable policy exchange among BRICS Member Countries facing similar developmental challenges and reaffirmed the shared commitment towards fostering resilient, inclusive, and globally competitive MSME sectors across BRICS economies,” the ministry said in a statement.