Sup­port agen­cies key to SME growth

The Myanmar Times - Weekend - - International Business -

AGEN­CIES that sup­port smal­land medium-sized en­ter­prises (SMES) need to keep up with busi­ness trends and for­mu­late mea­sures to pro­mote SME de­vel­op­ment, Ðһng Huy Ðông, Deputy Min­is­ter of Plan­ning and In­vest­ment, said at the 45th Meet­ing of the APEC Small- and Medi­um­sized En­ter­prises Work­ing Group (SMEWG) now tak­ing place in HCM City.

Ðông said the role of sup­port agen­cies was im­por­tant be­cause “ad­vances made in digital tech­nol­ogy to­day and dras­tic changes brought by the 4.0 in­dus­trial revo­lu­tion will cre­ate new op­por­tu­ni­ties for the de­vel­op­ment of small- and medium-sized en­ter­prises (SMES).”

He added that, through APEC fora, SMES had gained knowl­edge and cre­ated leg­is­la­tion in line with in­ter­na­tional eco­nomic prac­tices.

How­ever, since many SMES are still strug­gling with weak com­pet­i­tive­ness, APEC economies and SMES have pro­moted im­proved gov­er­nance; fa­cil­i­tated tech­no­log­i­cal in­no­va­tion by giv­ing pri­or­ity ac­cess to fi­nance; and opened up new mar­ket op­por­tu­ni­ties, while en­sur­ing an en­abling en­vi­ron­ment for do­ing busi­ness.

A num­ber of ideas on how the group can con­trib­ute to pri­or­ity ar­eas to­wards 2018 was also ex­changed. The pri­or­ity ar­eas in­clude: en­trepreneur­ship and in­no­va­tion and the in­ter­net and digital econ­omy; fi­nanc­ing for busi­ness ex­pan­sion and ca­pa­bil­ity de­vel­op­ment; and in­clu­sive busi­ness ecosys­tems that sup­port SME growth and mar­ket ac­cess for SMES.

Also dis­cussed were ex­am­ples of how to de­velop en­trepreneur­ship, fos­ter in­no­va­tion, ac­cess fi­nance, and cre­ate busi­ness ecosys­tems.

Viet­namese rep­re­sen­ta­tives pre­sented an ini­tia­tive on pro­mot­ing in­no­va­tive start-ups, while Thai­land and Peru shared the de­vel­op­ment of a strat­egy on green, sus­tain­able and in­no­va­tive mi­cro-, small- and medium-sized en­ter­prises (MSMES).

Ja­pan shared a re­port on APEC best prac­tices for pro­mot­ing the sup­port­ing in­dus­try in the re­gion, while Malaysian rep­re­sen­ta­tives spoke about fi­nanc­ing for busi­ness ex­pan­sion and ca­pa­bil­ity de­vel­op­ment and Sin­ga­pore pre­sented in­for­ma­tion on its startup ecosys­tem.

“Ex­changes and dis­cus­sions at the meet­ing will con­trib­ute to fos­ter­ing our shared fu­ture in the APEC re­gion. SMES are the driv­ing forces in the con­text of rapid de­vel­op­ment in digital economies,” Ðông said. “We are dis­cussing the po­ten­tial for prac­ti­cal co-oper­a­tion, and most im­por­tantly iden­ti­fy­ing pri­or­ity ar­eas to strengthen SMES com­pet­i­tive­ness through­out the APEC re­gion. In do­ing so, we will set the track for SMES in our APEC economies to start up and grow ro­bustly in the right di­rec­tion.”

SMES, the en­gines of growth and in­no­va­tion in the APEC re­gion, ac­count for over 97 per cent of all en­ter­prises and em­ploy over half of the work­force across APEC economies. – Viet­nam News

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