APEC working group discusses solutions to boost SMEs development

At the 45th conference of the APEC small and medium enterprises working group in HCMC, delegates debated solutions to develop SMEs, cooperation potentials and priority fields to improve competitive ability in the APEC region.
Delegates talks on the sideline of the conference on September 13 (Photo: SGGP)
Delegates talks on the sideline of the conference on September 13 (Photo: SGGP)

A representative from the working group said that APEC governments need to implement policies to boost innovation and technology and improve financial access for SMEs.

In addition, they should finance SMEs to develop production and trading, create employment, increase competitive ability and assist them to join in global value chains through cross-border trade liberalization.

APEC economies should arrange budget funds to assist startups, intensify Government assistances to help SMEs reduce the burden of procedures and regulations, encourage to simplify and synchronize administrative procedures.

At the conference, Vietnamese deputy Minister of Planning and Investment Dang Huy Dong said that APEC has become a region of dynamic development and strongly international economic integration.

SMEs occupy the majority in APEC economies, play important role in economic development as well as job provision. They are the motive power to bolster economic growth in Asia-Pacific. Products and services by SMEs have big added value, bring high economic efficiency and significantly, contribute to the growth of APEC economies.

However Mr. Dong said that many SMEs need to better management, renew technologies, access financial sources and seek new markets to ensure advantageous business environment. Especially if taking advantageous of the progress of Industry 4.0, they will be able to create new opportunities to faster move on.