APEC SME Ministerial Meeting opens in Iloilo

The APEC Small and Medium Enterprises Ministerial Meeting (SMEMM) opens today in Iloilo where 21-member economies continue to discuss and step up efforts to include SMEs in the global value chains.

Philippine Secretary of Trade and Industry Gregory L. Domingo will chair the APEC SME Ministerial that will last until Friday, September 25. The meetings will be held at the recently inaugurated Iloilo Convention Center (ICC) Megaworld Boulevard, Mandurriao, Iloilo City.

“SME Ministers from APEC economies will take action to promote the development of micro, small and medium enterprises and their increased participation into the different stages of international production and supply chains, in coordination with larger firms,” a joint statement by APEC specified.

As of now, SME accounts for over 97 percent of all businesses, more than half of the work force and around 60 percent of GDP in APEC member economies.

“Issues in focus will include access to financing and private sector investment; building management capability, entrepreneurship and commercial innovation; market access and the lowering of trade barriers within the sector; business ethics; and natural disaster risk reduction,” the statement added.Last week, President Benigno S. Aquino III led the inauguration of ICC, which is expected to give a major boost in the economy and tourism of Metro Iloilo. The ICC stands on property within the 72-hectare Iloilo Business Park of Megaworld. The facility is being managed by the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), an attached agency of the Department of Tourism.

The 21st SMEMM was held last year in Nanjin, China. During the meeting, the regional forum pushed for the increasing the innovation capabilities of SMEs.

At the Nanjing ministerial, APEC Ministers and their representatives responsible

SMEs centered their discussion on the theme ‘Innovation and Sustainability’. They discussed strengthening of the innovation capabilities of SMEs, improving the policy environment for their innovation and promoting their sustainable development.

“While the uneven global economic recovery continues, the Asia Pacific economy has maintained its momentum. And yet, the Asia Pacific region still faces new challenges. We recognized that SMEs are not only one of the forces behind innovative activities in the Asia Pacific region, but also a key driver of economic growth,” the ministers said in a joint statement.

In a complex, fast-changing, and competitive market environment, APEC trade ministers specified that innovative development is critical to stimulating the endogenous viability of SMEs and their sustainable development.