Australian minister Bruce Billson:

Don't forget small business in G20 goals

GMT 07:16 2014 Friday ,18 July

Arab Today, arab today Don't forget small business in G20 goals

Bruce Billson
Sydney - Arab Today

Too often lost amid the din of government and multinational corporate G20 goal-setting, Australian and international small and medium-sized enterprises ( SMEs) have successfully integrated entrepreneurship into a business-led G20 map, said Australia's Federal Minister for Small Business Bruce Billson here Friday.
The comments came as Richard Goyder, B20 Australia chair, released a G20 roadmap as part of an attempt by international business to prioritize strategies for global growth to be discussed both by trade ministers Saturday in Sydney and by world leaders later this year in Brisbane.
Billson told Xinhua, ahead of a Melbourne conference on Friday that as part of a G20 target to boost growth by 2 percent over the next five years school curricula and post-education employment will be encouraged as a potential pillar to boost growth around the world.
Small businesses will be crucial to Group of 20 plans to achieve its growth and job targets, Bilson said.
"We know big business has a loud enough voice to ensure they are heard but as a Government we want to make sure small business interests are considered when the G20 looks at options of how to grow the global economy.
"In Australia SMEs represent more than 99 percent of all businesses and 56 percent of private sector Industry Value Added, so if we are serious about growing the economy we need to involve the small business sector more," he said.
According to Goyer, the G20 in February - under Australia's presidency - has set a target of lifting collective GDP by 2 percent above the trajectory implied by current policies over the next five years worth more than 2 trillion U.S.dollars in real terms and tens of millions of jobs.
Billson said SME's will be "crucial in achieving the G20 objectives" for a stronger and more prosperous global economy.
According to the former small business owner and 18 year parliamentary veteran, SMEs can be "more adaptable" responsive to opportunities within niche markets and fast-moving new technologies.
Billson said that Australia has already started work on many of the recommendations including reducing red-tape and the compliance burden for small businesses.
"But there is still plenty of work to do domestically, especially in the area of getting SMEs to adopt new technology to become globally competitive."
The emphasis on innovation, and entrepreneurship within education and global economic engines have been taken into account by the international business community, as part of its blueprint for G20 leaders to promote global economic growth and employment outcomes and make the global economy more resilient to deal with future shocks.
"Our analysis suggests that if these were adopted, the G20 would not only meet, but exceed the two per cent additional growth target set by G20 Finance Ministers in February."
Goyder said the B20 had concentrated on identifying the major impediments to growth through five groups focused on the core economic drivers of trade, infrastructure, human capital, finance and transparency.
"To meet the target, G20 countries must commit collectively to implement unilateral structural reforms that boost employment and prospects for diversified and sustained growth more trade, better infrastructure, safely regulated, accessible and affordable finance, and human capital in the right place, at the right time with the right skills."
"What we are recommending is mostly new structural reform measures that would deliver on the G20 growth target and form a blueprint for sustainable economic growth in the medium term," Goyder added.
The B20, in a communiqu to be delivered to Australian Prime Minister Tony Abbott and Treasurer Joe Hockey, pledged to review and conduct regulation to "ensure restrictions on access to finance do not unduly hamper financial inclusion, trade and commodity markets and finance for SMEs."
"If G20 countries commit to these reforms, the gains will be large, but a failure by any of the G20 countries to commit will mean a significant opportunity cost," Goyder said.
Trade ministers from each of the G20 member and guest countries will come together in Sydney, July 19, 2014 to discuss the trade actions G20 and comprehensive growth strategies.
Ministers will base their discussions on the draft set of trade actions that are being developed by G20 "sherpas" and finance deputies, the B20 included.

Source: XINHUA

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