Cyprus welcomes Commission announcement on SMEs

The Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides has described a European Commission announcement on small and medium-size enterprises (SMEs) in Europe as important in that it provides a comprehensive approach to their further progress.

Paschalides was speaking at an informal meeting of EU Ministers of Competitiveness, held in Versailles last week, an official press released issued here Monday said.

At the meeting, the Ministers had the opportunity to exchange views on the announcement for a new initiative in favor of SMEs, entitled “A small Business Act for Europe”.

The Commission, in its announcement, defines the basic principles which both member states and EU institutions must take into account when they prepare policies and actions through which small businesses could create and fully exploit their capabilities and maximize their contribution to economic growth.

The announcement proposes easy access for SMEs to finance, the creation of a more favorable business environment and the establishment of rules in accordance with the principle «Priority to the small enterprises».

During the meeting, the Cypriot Minister said the announcement incorporates all acts which support the SMEs on a national and European level.

He also pointed out that it reflects the political will of member – states to recognise the important role SMEs could play in the European economy.

Paschalides recommended that SMEs be excluded from certain legal obligations which may not be favourable to them.