Entrepreneurship is key to improve economy and diminish unemployment in the Mediterranean region

In an opinion adopted at the September plenary session, the European Economic and Social Committee (EESC) identifies that fostering entrepreneurship and quality job creation in the Mediterranean region is the answer to high unemployment rates. Leveraging the potential of women and young people can promote inclusive, resilient growth.

The EESC recognises that there are still challenges to overcome in all Mediterranean countries, including ongoing inter-state and civil conflicts, substantial migrant flows and climate-change induced pressures. Additionally, shortcomings regarding education and training, labour market conditions and access to essential services result in high unemployment, low per-capita income and poor economic performance.

The own-initiative opinion Boosting sustainable growth and quality jobs in Euromed: promoting entrepreneurship and tapping the potential of women and young people, strongly suggests that resilient and thriving enterprises are key for generating sustainable growth and quality employment.

For the EESC member and rapporteur for the opinion Milena Angelova, sustainable sectors, digital transformation and supportive infrastructures could drive innovation and social progress. According to her, promoting entrepreneurship and quality job creation in the Mediterranean region is essential to harness the potential of women and young people, while fostering inclusive economic growth and strengthening regional partnerships are also important.

For the co-rapporteur and EESC member Ioannis Vardakastanis, the protection of vulnerable groups whose effective participation in the economy could boost entrepreneurship, inclusive and resilient growth prospects, is of utmost importance.

Promoting entrepreneurship and quality job creation in the Mediterranean empowers women and young people by improving their access to finance, infrastructure and networks. Enhancing working conditions, preventing discrimination, encouraging women’s participation in leadership roles, while investing in education and youth mobility, can lead to economic growth for the region.

The EESC stresses the importance of the rule of law, pointing out that legal certainty and predictability are crucial for running any business in any country. Serious efforts need to be made to advance anti-corruption measures and the implementation of international labour and human rights conventions.

The formalisation of micro, small and medium enterprises (MSMEs) is also important, as this allows them to move beyond local markets, tap into institutional buyers, and even explore exports.

The recommendations made in this opinion contribute to the Pact for the Mediterranean, with the expectations for more concrete Mediterranean partnerships to be built in several areas of mutual interest, such as sustainable investment, economic stability, job creation, connectivity and security.