Strengthening Small and Medium Enterprises (SMEs) for Economic Growth
The Mexican government aims to bolster small and medium-sized enterprises (SMEs) as a means of fostering economic growth and job creation. However, starting a business in the country currently involves 51 procedures taking up to 2.6 years, contributing to informality and difficulties in becoming suppliers within value chains.
To address this, the Secretaría de Economía proposes simplifying procedures in stages. The first step was the creation of the National Digital Window for Investments, aiming to reduce six procedures to four and cut down wait times from 300 days to just 42.
Ximena Escobedo’s Role and Vision
Ximena Escobedo, head of the Productive Development Unit and officer at the Secretaría de Economía, emphasized the importance of supporting SMEs for successful implementation of the Plan México. She stated, “We have been very clear when we say that we cannot advance in the strategies to promote Plan México if we do not strengthen SMEs, as this is where we can increase all aspects of national procurement.”
Future Plans for SMEs by the Secretaría de Economía
One of the processes to facilitate entrepreneurs’ procedures is merging the Single Venture for micro, small, and medium enterprises (Vu mipymes) portal with the National Digital Window for Investments. This fusion aims to streamline procedures further, as it is part of the recently approved National Law for Eliminating Bureaucratic Procedures.
Moreover, Escobedo mentioned that companies of any size will receive support from the Secretaría de Economía upon registering in the Investment Single Window, previously offered only for investments exceeding 100 million USD.
Convenios to Boost SMEs
In addition to simplifying procedures, Escobedo highlighted another strategy for SME growth: a forthcoming voluntary agreement with supermarkets. This pact aims to boost national production over the next three years.
- The agreement will be implemented in three phases: first with supermarkets, followed by department stores, and finally specialty stores.
- The Secretaría de Economía and Santander plan to distribute approximately 60,000 scholarships for SMEs located in Mexico City, Hidalgo, and the State of Mexico.
Key Questions and Answers
- What is the Digital Window for Investments? The National Digital Window for Investments aims to reduce 50% of procedures required to start a business by simplifying six procedures into four and cutting response times from 300 days to just 42.
- Who is Ximena Escobedo and why is she relevant? Ximena Escobedo is the head of the Productive Development Unit and officer at the Secretaría de Economía. She is crucial in implementing strategies to strengthen SMEs, which are vital for the success of Plan México.
- What are the future plans for SMEs by the Secretaría de Economía? Future plans include merging the Single Venture for micro, small, and medium enterprises (Vu mipymes) portal with the National Digital Window for Investments, as well as providing support to companies of any size upon registering in the Investment Single Window.
- What other strategies are being implemented to boost SMEs? A voluntary agreement with supermarkets aims to increase national production over the next three years, implemented in phases targeting different types of retail stores. Additionally, scholarships for SMEs are being distributed in collaboration with Santander.
