Latin American and Caribbean Economic System (SELA) to hold First Seminar-Workshop on formalization of MSMEs

Latin American and Caribbean Economic System (SELA) to hold First Seminar-Workshop on formalization of MSMEs

Joining the formal economy is one of the biggest challenges faced by entrepreneurs. The purpose of this activity is to promote policies to encourage this important productive sector.

Jointly with the Ministry of industry, Commerce and SMSEs of Dominican Republic and CAF-latin america development bank, SELA organized the Seminar-Workshop on Experiences in the Formalization of MSMEs in the region, to be carried out 14 and 15 February 2019, in Santo Domingo.

Micro, small and medium-sized enterprises (MSMEs), one of the main forces in the economic development of Latin America and the Caribbean, generate about 50% of the jobs, account for more than 90% of the total enterprises and contribute 28% of toe Gross Domestic Product (GDP). One of the main challenges faced by this sector is informality. This event is intended to make a comparative analysis of policies, programmes for formalization and the most important experiences at the regional level.

Formalization is one of the biggest obstacles faced by entrepreneurs due to the high transactional costs of the process, the absence of counselling, the traditional models for registration and the lack of incentives. An effective strategy must combine measures to reduce regulatory and cost burdens, and to promote incentives and improvements in fiscalization.

In 2019, within the framework of its SELA-SMEs Programme, the Permanent Secretariat has arranged to convene the focal points of its Member States, business associations and experts in the area in order to provide them with a space that allows for making a reflection on the present and future of this problem.

Click here for the agenda of the seminar-workshop: https://bit.ly/2RjUVRH