The importance of policies and cooperation to enhance micro, small and medium enterprises (MSMEs) growth and resilience was highlighted at the 53rd APEC Small and Medium Enterprises Working Group Meeting (SMEWG) recently.
Head of Business Development and Support of DARe (Darussalam Enterprise) cum APEC SMEWG chairperson Norlela binti Suhailee noted that SMEWG has continued to deliver on this front, by bringing together policy-makers to share best practices and creative policies.
She said multiple projects have also been proposed and implemented at the SMEWG level in its drive to promote digitalisation, innovation and technology adoption to build MSME resilience.
Against the backdrop of COVID-19, Norlela emphasised the criticality of creating an inclusive and sustainable post-pandemic recovery for MSMEs to thrive and succeed.
Director of Industry and Business Ecosystem Division at the Ministry of Finance and Economy Allen On led the Brunei delegation comprising ministerial and DARe officials. Representatives from MSME-related agencies in APEC economies also participated in the virtually convened two-day event.
Hosted by Chile, the meeting gave APEC member economies the opportunity to exchange information, and share best practices and policies that support the growth and development of MSMEs in the Asia Pacific region.
It continued to focus on the various projects and initiatives implemented under the five priorities of the SMEWG Strategic Plan 2021-2024, namely, entrepreneurship, innovation, and start-ups; access to international markets and global value chains; inclusive capability development towards digitalisation; access to finance and alternative financial solutions; and government to business interactions.
The SMEWG Strategic Plan acts as a guidance to address critical issues pertaining to the growth of MSMEs in the APEC region.
Head of SME Division of the Ministry of Economy, Development and Tourism of Chile Manuel López shared that the pandemic comes with lessons and opportunities in the form of consumption patterns, interactions between individuals and organisations as well as accelerated digital transformation.
However, he stressed that mere existence of technology or access to financing does not guarantee the correct implementation of strategies that allow companies to improve in their productivity and competitiveness. In this regard, it is essential to develop a joint vision, allowing SMEs and entrepreneurs to push forward their production possibilities in the right direction, and APEC provides the opportunity to do so at a global scale.
