Small and Medium-sized Businesses thrive at EU-Backed East Expo 2023
More than 80 companies from various industries came together at the EU-Backed East Expo 2023 that was held in Kiev on June 6-7 to support Micro, Small, and Medium-sized Enterprises (MSMEs) in war-affected areas in Ukraine, facilitating post-war recovery and promoting digitization and internationalization of their business activities. The event aimed to help these MSMEs to rebuild economic ties and establish new business partnerships.
The exhibition was organized by the United Nations Development Program (UNDP) as a part of the United Nations Peacebuilding and Recovery Program, with financial support from the European Union (EU) and other donors.
EU Deputy Head’s thoughts on MSMEs
Rémi Duflot, the Deputy Head of the EU Delegation in Ukraine, highlighted the importance of a robust micro, small and medium-sized business sector in diversifying and strengthening Ukraine’s economy and its resilience while further driving its integration into the EU economic space. He emphasized the need for dynamic state policies in support of this sector that generates two-thirds of jobs and more than half of the added value in the EU.
The presence of the EU at East Expo 2023
This year’s East Expo 2023 had the European Union (EU) as one of its most prominent supporters, reflecting the EU’s commitment to supporting the development of Ukraine towards a better future. It was also reinforcing its support for post-war economic recovery in Ukraine. As a part of the exhibition, the EU shared some of its initiatives.
As part of its Jobs, Growth, and Investments Package, the EU earmarked €6.4 billion to support Ukraine in further deepening its political association and economic integration with the EU. This commitment was made to promote more sustainable, transparent, and accountable institutions, to support the rule of law, human rights, democracy, and the fight against corruption, and to create more growth and jobs.
Impacts of East Expo 2023 on MSMEs
East Expo 2023 – Ukraine’s most extensive exhibition for SMEs, was a success in creating a platform for small and medium-sized businesses to showcase their products. It further offered an opportunity to create strategic partnerships with companies from various industries coming from different parts of the world. The engagement facilitated by East Expo 2023 was one of the vital facets in helping small and medium-sized enterprises (SMEs) to connect and discover new business opportunities.
The event transported firms to a trade fair environment, which was necessary to expand the market reach for small and medium-sized enterprises in Ukraine, given that they are fewer in number and often lack resources to penetrate and participate in international business. East Expo 2023 furnished the MSMEs the chance to exhibit and sell their products to global buyers, showcasing their strengths and building confidence for expansion.
Benefits of Exhibitions for MSMEs
Exhibitions represent a vehicle for growth for small and medium-scale businesses. When properly executed, the benefits are considerable, which can help businesses to meet new customers, engage with existing clients, and learn about industry trends and new products. Other benefits include:
1. Builds awareness and brand promotion
2. Increases lead generation and sales
3. Develops valuable business relationships
4. Offers opportunities to gather intelligence on trends, competitors, and technical developments
5. Boosts employee confidence and team morale
6. Facilitates access to financing
Supporting MSMEs in War-Affected Areas: The Role of UNDP
The United Nations Development Program (UNDP) is committed to helping MSMEs in war-affected areas and is working closely with donor countries to align support with long-term strategies. It focuses on building the capacity of small and medium-sized businesses to enhance their productivity and competitiveness.
One example of many projects is the United Nations Recovery and Peacebuilding Program, implemented in coordination with the EU, UNDP, donors, and the Ukrainian government. It supports small and medium-sized enterprises by creating crucial access to financial capital, particular investments, and export opportunities. It aims to improve the economic situation for small businesses while also supporting a sustainable and resilient recovery pathway for Ukraine.
SUMMARY:
The EU-backed East Expo 2023 was a successful platform put in place to support small and medium-sized businesses in war-affected areas of Ukraine through promoting digitization and internationalization of their business activities and reconnecting broken economic ties. The exhibition, which was organized by the UNDP, was well attended, with more than 80 companies from various industries coming together for the event. The presence of the European Union at the exhibition reflected its commitment to supporting the development of Ukraine and its economy. East Expo 2023 was a crucial aspect of creating several business opportunities for small and medium-sized businesses in Ukraine, which facilitated strategic partnerships and expansion. The UNDP’s partnership with donors for the United Nations Recovery and Peacebuilding Program demonstrates its unwavering commitment to supporting small and medium-sized businesses by creating crucial access to financial capital, particular investments, and export opportunities while also focusing on enhancing their resilience and sustainable recovery.
Additional piece:
Promoting and Supporting MSMEs in an Innovation-Driven World
Small and medium-sized businesses form the backbone of many modern market economies, crucial in driving economic growth and improving overall standards of living. This assertion is evident in the just-concluded EU-backed East Expo 2023 where the 80-plus companies that participated represent two-thirds of the jobs and more than half the added value generated in the EU. While their organization and management styles may vary, MSMEs share similar aspirations to grow and become more successful, underscoring their significance in economic and social development.
In this innovation-driven world, how can we best support these companies and promote their sustainability? Besides providing essential opportunities like exhibitions, access to finance, and capacity building, MSMEs must adapt to the evolving business ecosystem towards optimizing their potential and leading innovation while benefiting from emerging innovations. There are several practical examples of opportunities MSMEs can tap into; a few include:
1. Sustainable Innovations – The Sustainable Development Goals (SDGs) provide an excellent framework for the development of sustainable innovations. These are innovations that address the needs of the present while simultaneously preserving the needs of future generations, promoting the preservation of the environment, and ensuring social and economic sustainability.
2. Technological Advancements – Technology continues to shape the world, and MSMEs that embrace it can leapfrog the competition. Advancements, such as the use of artificial intelligence and blockchain technology, offer several benefits, including efficiency, transparency, accuracy, security, and traceability for small business owners.
3. Virtual and Remote Work – The COVID-19 pandemic highlighted the importance of virtual and remote work and their transformative effects on MSMEs. With new work models, MSMEs can reduce overhead while also expanding their reach resulting in increased productivity and greater access to a larger talent pool than would have been possible traditionally.
4. Collaboration and Networking – With globalization, businesses can collaborate and expand beyond their local markets to reach new regions. Through joint ventures and partnerships, MSMEs can share resources and distribute risks, thus creating a win-win proposition.
5. Skill Development – Finally, the development of a skilled workforce is vital for the success of MSMEs. Access to vocational training, skill development, and education is crucial in establishing a pool of skilled labor for any economy.
CONCLUSION
MSMEs are critical contributors to economic growth and development globally. They have a significant role in promoting job creation, innovation, and achieving sustainable development. Both developed and developing countries realize the importance of these critical factors and have implemented numerous policies to promote and sustain MSMEs. The importance of these companies is even more significant in war-affected areas, where post-war recovery is crucial. Exhibitions, as highlighted by the EU-backed East Expo 2023, stand as a valuable platform that offers opportunities for MSMEs to connect and grow. With emerging opportunities in sustainable innovation, virtual and remote work, technological advancements, collaboration and networking, and skill development, MSMEs can leverage these opportunities to become more sustainable, profitable, and globally competitive.
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More than 80 companies representing various industries exhibited their products at the EU-backed East Expo 2023, which brought together micro, small and medium-sized enterprises (MSMEs) in Kiev on June 6-7.
The event aimed to support MSMEs relocated to or based in war-affected areas of Ukraine to establish new business partnerships, reconnect broken economic ties, facilitate post-war recovery, and promote digitization and internationalization of their business activities. .
“A robust micro, small and medium-sized business sector will not only contribute to the diversification of the Ukrainian economy and strengthen its resilience, but is also essential for Ukraine’s integration into the EU economic space. We expect dynamic state policies in support of this sector, which in the EU generates two thirds of the jobs and more than half of the added value”. said Rémi Duflot, Deputy Head of the EU Delegation in Ukraine.
The exhibition was organized by the United Nations Development Program (UNDP) as part of the United Nations Peacebuilding and Recovery Program, with financial support from the European Union (EU) and other donors.
Know more
From conflict to commerce: East Expo 2023 promotes small business expansion in Ukraine
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