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New facility will provide free information on access to global value chains for Latin American SMEs

Aug 25, 2016

The Multilateral Investment Fund (MIF), member of the Inter-American Development Bank (IDB) Group, has recently approved a technical cooperation grant of US$450,000 to establish the “Integrated Value Chain System (IVCS),” a platform that will seek to increase the exports of small and medium enterprises (SMEs) by providing information on the requirements and conditions for access to global value chains. This system will help 25,000 SMEs find information in one place.

Being part of a global or regional value chain is crucial in order for SMEs to increase productivity and competitiveness, diversify exports, and offer better job opportunities. However, existing information asymmetries prevent SMEs from identifying the purchasing requirements of large corporations and the private standards for gaining a foothold in global goods and services supply chains.

The project will offer services, functionalities, and information on global value chain access conditions that are currently not available to SMEs, enabling them to obtain free, highly detailed information on the purchasing requirements of multinational companies that match their business profile through simple, user-friendly, smart applications that will orient them on international supplier opportunities. For example, if an SME is looking to export a good or service, the system will provide information on large buyers, their purchasing requirements, the private certifications required, the certifying body, the certification process, and the public and private financing sources available in their country of origin.

For that, partnerships will be forged with multinational or multiLatino companies to consolidate and publish their purchasing requirements in the IVCS, and the databases of more than 60,000 SMEs registered on the ConnectAmericas.com website and their predictive intelligence capacities will be used, together with the business contacts from the Made in the Americas program and the INTradeBID databases. Upon project completion, an online information system is expected to be integrated into INTradeBID and ConnectAmericas, with a view to creating a comprehensive regional public good that consolidates in one place all the information needed to facilitate the integration of SMEs into global value chains.

About Integration and Trade

The Integration and Trade Sector (INT) at the Inter-American Development Bank conducts research, provides policy advice and technical assistance, and carries out financial operations through grants and loans to strengthen trade and integration capacities in Latin America and the Caribbean. INT’s operations help countries benefit from open trade and investment regimes and pursue proactive regional and global economic integration agendas. These operations provide support for negotiating and implementing trade and investment agreements, promoting exports and attracting investment, strengthening trade facilitation practices and customs modernization, building productive capacity for regional and global integration, ensuring appropriate adjustment measures to advance the process of economic integration, and deepening regional integration and cooperation through the provision of Regional Public Goods, including migration and financial integration.

About the MIF

The Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities. Learn more at www.fomin.org.
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