The state and other public bodies must set aside at least 20% of their budgets for the procurement of goods, services and contracts from national micro, small and medium-sized enterprises (MSMEs).

The measure is the result of Parliament's approval of the bill establishing the legal regime applicable to MSMEs.

The law must be applied whenever the money is associated with public works contracts, the supply of goods and services to the state through a public tender.

The measure ensures that large companies set an annual quota in their budgets for the procurement of goods and services from MSMEs.

According to the Minister of Industry and Trade, Silvino Moreno, this law creates the conditions for enhancing the role of MSMEs in boosting the economy. (News)