Enhancing cooperation and development for APEC SMEs

Delegates at the meeting

In his speech at the event, Deputy Minister of Planning and Investment Dang Huy Dong said APEC has become a dynamic developing region with broad international economic integration. SMEs now occupy the majority of APEC economies, playing an important role in economic development, job creation and being a driving force to intensify economic growth in the Asia-Pacific. Many products and services of SMEs have great added value and bring about high economic efficiency; making significant contribution to the growth of APEC economies.

However, Mr. Dong emphasized that many SMEs should enhance effective management, boost technological innovation and financial access, and seek new markets. In particular, taking advantage of advances in current technology 4.0 will create new opportunities for SMEs to grow faster.

At the meeting, participants from APEC member economies focused their discussion on seeking business measures, innovation, financial access, business ecosystem, and market access for SMEs. The working group also debated cooperation potential and identified prioritized areas to enhance competitiveness in APEC.

Aiming to promote the development of SMEs, representatives from the working group said governments in the APEC community should carry out policies to speed up innovation and technology, improve financial access for SMEs to develop production and business, create jobs for workers, and improve competitiveness of SMEs; helping them participate in global value chain through cross-border trade liberalization./.