SELA approves creation of the Observatory of Public Policies for SMEs

During the XLIX Regular Meeting of the Latin American Council, the Member States of the Latin American and Caribbean Economic System (SELA) approved the creation of the Observatory of Public Policies for SMEs as a platform developed by SELA.

The purpose of the Observatory is to follow up and update public policies aimed at SMEs in the region, develop annual reports on the progress and updates in regulations in the region and in other regions regarding SMEs, as well as other support actions that may be requested by the Member States of SELA.

Through this tool, the Permanent Secretariat of the organisation will seek to promote spaces for the analysis and exchange of information for the benefit of SMEs in the region.

This decision, taken within the framework of the creation of the Public Policy Index for Latin America and the Caribbean (IPPALC) as a regional public good, intended to contribute to the economic growth of the region and the strengthening of the SME sector, which accounts for 80% of the labour sources in the Latin American and Caribbean region; and addresses the need to strengthen the regional institutional structures for the development of the entrepreneurial sector, especially with respect to MSMEs.

The Public Policy Index for Latin America and the Caribbean (IPPALC), an initiative developed by SELA, the Organisation for Economic Co-operation and Development (OECD) and CAF-Development Bank of Latin America and the Caribbean, enables the application of this tool for the preparation of a renewed analysis that responds to the needs of the countries and becomes a reference framework for the development of support instruments for various enterprises, as an engine for inclusive and sustainable growth.

The IPPALC is a valuable analytical tool built to optimise public action for the benefit of small enterprises through a process of consultation between public, private and international actors and policy recommendations based on evidence and international best practices.