L 310/28 Official Journal of the European Communities 13. 11. 97 COMMISSION DECISION of 5 November 1997 approving a support mechanism for the creation of transnational joint ventures for SMEs in the Community (Text with EEA relevance) (97/761/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Having regard to Council Decision 97/15/EC of 9 December 1996 on a third multiannual programme for small and medium-sized enterprises (SMEs) in the Euro- pean Union (1997 to 2000) ('), and in particular Article 3 thereof, (1)  Whereas the Commission, in its communication of 10 July 1996 on the integrated programme in favour of SMEs (), stressed the absence of a fin- ancial instrument to help SMEs which wish to make transnational investments; ()  Whereas, in its opinion of 31 October 1996 (%), the Economic and Social Committee considered that too few SMEs invest at transnational level and access new markets in other Member States and that this is due to the lack of a suitable financial instrument; (3) Whereas, on 9 December 1996 in its resolution on the integrated programme (%), the Council asked the Commission to encourage SMEs to set up or develop an activity in another Member State by removing obstacles to cross-border investment and the creation of joint ventures in the European Union; (4  Whereas the Council, in adopting Decision 97/15/EC, considered that SMEs whose activities span borders should be assisted in overcoming any structural weaknesses; ) Whereas, in its conclusions, the Presidency of the Amsterdam European Council of 16 and 17 June 1997 stressed the essential role played by SMEs in the internal market in promoting growth and employment in the Community and invited the Commission to present initiatives concerning the possibility of job creation; (6) ~ Whereas the European Parliament, in its resolution of 24 May 1996 on the European Observatory for () OJ L 6, 10. 1. 1997, p. 25. () COM(96) 329 final. () OJ C 56, 24. 2. 1997, p. 7. ) SMEs (%) calls on the Commission to implement measures best suited to strengthening transnational cooperation between SMEs; {7} Whereas the countries of the European Economic Area have expressed their interest in the initiative; (8)  Whereas SMEs have not benefited sufficiently from the opportunities offered by the internal market and, faced with the globalization of trade, SMEs’ traditional markets are shrinking; (9) Whereas the development of joint ventures between Community SMEs makes it possible to make better use of the opportunities of the internal market, to increase investment and trade and to have a positive impact on employment and economic growth; (10) Whereas SMEs frequently encounter difficulties in obtaining bank financing for the development of transnational joint ventures because of the higher risk for financial institutions; (11)  Whereas transnational joint ventures promote tech- nology transfer and improve the competitiveness of the partners; (12) Whereas the measures provided for in this De- cision are in accordance with the opinion delivered by the Committee provided for in Article 4 of Decision 97/15/EC, HAS DECIDED AS FOLLOWS: Article 1 Description of the initiative The initiative covered by this Decision, relating to the ‘Joint European Venture’ (JEV), shall consist of support for SMEs setting up transnational joint ventures within the Community. () OJ C 166, 10. 6. 1996, p. 238.