In order to bolster economic growth and innovation amid conflict and volatility, policymakers and investors should focus on building the creative industries. The resilience and adaptability that they provide are crucial to supporting long term economic growth and job creation no matter what the future brings.

UNDP has also continued support for the Empretec Programme, which promotes entrepreneurship and development of small and medium sized enterprises in economies in transition.

51. In some countries in transition, there is still need to change the public apos s conceptions of business and entrepreneurship, which linger from the past.

3. At the core of this vision of the globalized economy is the enterprise whether micro, small, medium or large in scale.

(e) Funding for small income generating businesses (run from people's homes or from other premises), especially those that take into account the family's socio economic circumstances and essential needs

Another project entailed training courses for women on how to start and run their own small business, supplemented by small start up loan programmes.

(vi) Governments (in particular local governments) should collect information regarding the SMEs within their territories, including their contribution to the economy and job creation.

57. The Economic Commission for Europe (ECE) has focused on social statistics and self employment through the creation of small and medium sized enterprises, in cooperation with UNDP.

Finally, Koreans must relearn the entrepreneurialism that built the chaebol, the family owned industrial conglomerates that powered the economy s development. Today, South Korea has many small, family owned businesses, but few entrepreneurs.

This is particularly relevant in light of the important threshold that has now been reached by the structural transformation of the Chinese economy the long awaited shift to a services led growth dynamic. Services, which now account for the largest share of the economy, require close to 30 more jobs per unit of output than the manufacturing and construction sectors combined.

The preponderance of small sized economies and the creation of economic space for investors and entrepreneurs remain an important challenge in attracting large flows of foreign direct investment (FDI).

To increase the skill and working capacities of workers as well as their economic self reliance several vocational and income generating training activities have been conducted for workers and employees of small scale industries.

Firstly, through internal economies of scale, Such economies occur when production costs per unit of output depend inversely on the size of the firm, and not on that of the industry or sector as a whole.

Elements of entrepreneurship and its relationship with economic development

In developing countries and transition economies, it is the local firms small and medium enterprises (SMEs) which are responsible for most economic activity. On the one hand, there are modern SMEs in the developing countries that need to be nurtured into efficient and competitive enterprises.

63. In addition to macro economic measures to encourage job creation, the State has set up mechanisms to promote micro enterprises and self employment through subsidies, aids and loans on concessional terms.

The Government hoped to make medium and small scale industries the backbone of the economy.

They created jobs, strengthened support industries in developing economies and contributed to overall economic growth.

At present, the new collective economy in southern Jiangsu village mainly consists of four development modes, including asset leasing, enterprise stock, agricultural development and joint development.

Overall objective The overall objective of the Major Programme is to increase economic growth, create employment, generate income and reduce economic and social disparities through fostering private sector driven entrepreneurship.

For example, contrary to market economies, at the beginning of the transformation process, the overwhelming majority of enterprises in countries in transition were State owned enterprises (SOEs).

26 The economic success of large enterprises tends to create new market opportunities for SMEs through an increase in demand for goods and services, technological spillovers, integration in supplier networks and so on.

Just as the Great Depression arose in part from the difficulties in moving from a rural, agrarian economy to an urban, manufacturing one, so today s problems arise partly from the need to move from manufacturing to services. New firms must be created, and modern financial markets are better at speculation and exploitation than they are at providing funds for new enterprises, especially small and medium size companies.

In order to ensure sustainable economic growth and employment creation, it is necessary to move beyond the initial start up phase of new enterprises.

And this is despite the fact that everybody knows that small business is the engine of economies.

While globalization was a macroeconomic phenomenon, the impact of small and medium sized enterprises was micro economic in nature.

Agriculture, forestry and fisheries were important engines for creating broad based economic growth.

In particular, those conditions are critical for the operations of small and medium enterprises (SMEs), which are responsible for most employment and income generation opportunities and can be identified as a major driver of poverty alleviation.2

With support from UNIDO, UNCTAD, UNICEF and the ILO, this agency has helped to create SMEs and microenterprises, and to strengthen the business and managerial capacities of female entrepreneurs.

In the period of economic transformation and privatization, one of the possibilities for employment is the opening of a private business.

COOPERATION INTEGRATION OF THE ECONOMIES IN TRANSITION INTO THE WORLD ECONOMY

Accordingly, privatization and enterprise restructuring have been an important part of micro economic policies in economies in transition.

23 UNCTAD, Entrepreneurship and economic development the Empretec showcase (Geneva, 2004).

Under the Economic Promotion Fund, P5 283 900 (US 1.1 million) has been provided for small scale income generating activities.

It is important to ensure economic growth and to create new jobs.

The Global Entrepreneurship Monitor (GEM) model posits a U shaped relationship between the entrepreneurial activity in an economy or region and national income.24 Entrepreneurs are divided into necessity entrepreneurs (i.e. those trying to start a business because they have no job options) and opportunity entrepreneurs (i.e. entrepreneurs fulfilling the traditional functional roles of risk seeking, innovativeness and opportunity seeking).

Considering the changing economic and political conditions in industrialized and developing countries, as well as in countries with economies in transition, which create the environment for private and non governmental sectors to assume wider economic roles,

Models of small credit loans from job creation, poverty reduction and farm economy programs have provided women with both job and higher income.

Economies in transition

(e) Integration of the economies in transition into the world economy

(b) Integration of the economies in transition into the world economy

(a) Integration of the economies in transition into the world economy

(i) There must be coherence between macroeconomic conditions and micro policies favouring SMEs, because macroeconomic instability not only affects SMEs more but can also destroy whatever impact SME programmes could have

Existing standards on industrial statistics have addressed industrial activities in terms of the creation of economic value added.

70. The economic and social development strategy adopted a few years ago and stepped up under the Eighth Plan focuses on developing productive jobs and promoting micro enterprises and small trades.