The European Bank for Reconstruction and Development (EBRD) recently hosted a panel on the benefits of small and medium-sized enterprises (SMEs) expanding into international markets and the challenges and opportunities such expansions present.
Hosted by Claudio Viezzoli, EBRD's managing director for SME finance and development, the Small Markets, Big Markets: Internationalisation and SMEs panel included experts, representatives from the business community and officials from development banks.
The panel discussion revealed the importance and benefits of SME participation in international supply chains, according to an announcement. It helps the SMEs grow and take advantage of international opportunities, while global companies are able to work with local brands in transition countries.
The thrust of SMEs into international markets has been greatly aided by technology, which allows SMEs to access international markets, the announcement said. SMEs must also constantly review international offerings to understand where their appeal to customers lies.
The panel also emphasized the role that development banks play in aiding SME expansion. Development banks help SMEs access financing and provide them with guidance to ensure that they remain resilient to international circumstances and downturns.