SMALL and medium enterprises (SMEs) in South Asia are riding the wave of creativity and innovation, demonstrating an unprecedented ability to tap into local cultures, leverage technology and forge unique paths in the market. A study of this phenomenon uncovers a rich and complex tapestry of entrepreneurship that offers lessons and insights for businesses globally.
According to the latest regional MSME surveys, these businesses are no small matter. They account for 97 percent of all businesses in the region, employ 67 percent of the working population, contribute 40.5 percent to each country's gross domestic product on average and constitute 19.2 percent of total export value in the past couple of years. This is a global trend, with MSMEs accounting for an even larger proportion of employment than previously assumed.
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