During the opening of the BRICS Industry Ministers’ Meeting in Brasilia, a new working group focusing exclusively on micro, small and medium enterprises (MSMEs) was announced, making it one of the inclusive development initiatives within the group. This is reported by the official website of Brazil’s Ministry of Entrepreneurship, Micro-enterprise, and Small Business.

Brazil’s Minister of Entrepreneurship, Microenterprise and Small Business, Marcio Franca, emphasised that MSMEs make up around 90 per cent of businesses globally and account for more than half of all employment. In Brazil, these enterprises represent 98 per cent of registered businesses and 75 per cent of jobs

The minister presented three key documents developed under Brazil’s leadership of the new MSME working group. The Terms of Reference define the internal structure of the group, consensus-based decision-making, and communication mechanisms, while also encouraging cross-coordination with other BRICS working groups.

The 2025–2030 Action Plan for MSMEs was also presented.

Vice President and Minister of Development, Industry, Trade and Services of Brazil Geraldo Alckmin noted that BRICS countries together represent nearly half the global population, 39 per cent of world GDP (in purchasing power parity), and 24 per cent of global trade.

African Times published this article in partnership with International Media Network TV BRICS