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This conceptual paper examines how territorial capabilities shape the globalisation readiness of micro, small and medium-sized enterprises (MSMEs) in an intermediate city of an emerging economy. Using Valledupar, Colombia, as a documentary case, the study synthesises international SME policy evidence, Colombian institutional sources and peer-reviewed research through a systematised review logic. The analysis identifies six interdependent fragility clusters: atomised enterprise structure, partial formalisation, weak managerial systems, finance-readiness gaps, limited productive digitalisation and scarce market linkages. The paper contributes a capability-based framework that explains why local firms may remain active yet insufficiently prepared for wider-market competition. The proposed agenda reframes formalisation, finance, digitalisation and market access as sequenced territorial capabilities rather than isolated policy instruments.