Belgium: Micro, Small and Medium-Sized Enterprises (MSMEs) play a crucial role in the national and global economy and in achieving the 2030 United Nations Agenda for Sustainable Development. The UN wants to remind us of that on “Micro-, Small and Medium-Sized Enterprises Day”.
These enterprises form the backbone of the Belgian economy, as they represent 99.9% of the market. They also contribute significantly to employment, innovation, and economic growth. In Belgium, MSMEs are defined as VAT-registered companies with fewer than 250 employees registered in a database of the Ministry of Economy.
In 2021, Belgium had 71 MSMEs per 1000 habitants, higher than the EU average of 60 MSMEs per 1000 habitats. By 2022, MSMEs were responsible for 58.3% of the total value added to the Belgian economy.
According to the Ministry of Industry and Information Technology, China had approximately 37 MSMEs per 1000 habitants in 2022. It is important to note that MSMEs are classified differently in China. China uses multiple indicators such as the number of employees, business income and total assets, and how these indicators are used differs by industry.
Did you know that worldwide…?
– 90% of all firms are formal and informal MSMEs
– 70% of all employment are made up of MSMEs
– 50% of GDP comes from MSMEs
– 7/10 of formal jobs are generated by SMEs
Considering their limited resources, MSMEs’ normal functioning and performance can be more exposed to certain risks.
Commodity dependence, (geo)political tensions, and pandemics disturb the working environment of MSMEs and make them more vulnerable to rising inflation and supply chain disruptions.
Hence, MSMEs are in need of political and regulatory support to enhance their narrative and support their entrepreneurial pursuits, especially when active in large markets.
Belgian MSMEs are also very active abroad and engage intensively in international trade. 86.9% of our GDP came from our exports in 2021. At the Embassy of Belgium, together with FIT, AWEX and HUB, one of our missions is to act as a contact point for Belgian MSMEs in China and to support them so that they can make the most of their international business activities while ensuring that their rights and interests are respected.
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