Adopted today by the CoR Plenary session, the opinion on "Supporting SMEs in regional value chain – fostering the proximity economy" by ECR member Oszkár Seszták calls on creating better conditions for local SMEs in regional value chains, an aspect that should be "an integral part of Europe's strategies to enhance economic resilience and territorial cohesion", said the rapporteur.

SMEs are often family-run businesses, and they represent the cornerstone of local communities. Their success and prosperity translate into vibrant local economies and jobs in Europe's regions and towns. However, for this to happen the EU "must lower the regulatory burden, strengthen the Single Market and provide tailored support for these businesses", added Mr Seszták.

The proximity economy holds great potential to improve the EU's overall economic resilience and territorial cohesion, but local SMEs need tailored-made solutions to cope with the current economic challenges as well as to be able to contribute their unique added value to long-term economic growth. Mr Seszták underlined how the value of these SMEs "shouldn't be underestimated but rather tapped in to exploit their full potential" and he stressed the importance of "encouraging small businesses to re-invent themselves and experiment with new and digital businesses models".