MITI: e-Commerce lowers entry barriers, operating cost for MSMES

KUALA LUMPUR: eCommerce has significantly lowered entry barriers and operating cost for businesses, particularly benefitting Micro, Small and Medium Enterprises (MSMEs), said Second International Trade and Industry (MITI) Minister, Datuk Seri Ong Ka Chuan.

Leading the Malaysian delegation to the Seventh Asia Europe Meeting (ASEM) of Economic Ministers (EMM7) and chairing the Second Plenary Session in Seoul (South Korea) recently, he said that e-Commerce had become increasingly a vital element of the global economy.

“In a globalised world interconnected through information and communication technology, e-Commerce plays a key role, not only in domestic and cross-border trade, but also towards facilitating foreign investments through the supply of intermediary services,” Ong added.

In a statement, MITI said the EMM7 was attended by economic and trade ministers and representatives from 21 Asian and 30 European countries, as well as the European Commission and Asean Secretariat.

The meeting also saw the participation of the World Trade Organisation (WTO), the Organisation for Economic Cooperation and Development, the United Nations Industrial Development Organisation and the Asian Development Bank.

Themed, “Reconnecting AsiaEurope: Innovative Partnership for Inclusive Prosperity”, the EMM7 discussed the topic of Facilitating and Promoting Trade and Investment: Strengthening Economic Connectivity and Sustainable and Inclusive Growth.

MITI said the during the meeting, Ministers reaffirmed the leading role of MSMEs in job creation, economic growth, and prosperity in both developed and developing countries. — Bernama