MANILA, Philippines - Trade Secretary Gregory Domingo has called on Asia Pacific economies to embrace the interest of small businesses to achieve inclusive growth.
“Without micro, small and medium-size enterprises in the global market, growth cannot be inclusive,” the Department of Trade and Industry chief said.
Domingo chaired an APEC ministers’ meeting last week in Iloilo aimed at setting policies that will support the integration of micro, small, and medium enterprises to international markets and global value chains, thereby advancing APEC’s goal of regional economic development.
Domingo stressed the sector’s critical role in the economic development of the AsiaPacific region as they comprise the great majority of businesses and employ over half of the workforce in the region.
“It is very important that our approach embraces the interest of small business, particularly micro and small enterprises. An important component of this effort is to bolster their ability to take advantage of cross-border business opportunities that will help our economies in the process,” he said.
Domingo said policies friendly to micro and small enterprises would help increase their capacity to meet market requirements and chances to enter the global markets.
With the theme “Mainstreaming Micro, Small and Medium Enterprises (MSMEs)”, the APEC ministers are considering initiatives from different economies in addressing barriers to facilitate entry to markets, advancing modernization and standards and conformance.
SMEs currently account for over 97 percent of all enterprises and contributes significantly to economic growth, with their share of gross domestic product ranging from 20 percent to 50 percent in the majority of the APEC economies.
“APEC comprises economies at various points in the development spectrum. Within our economies, disparities continue to exist. We need to ensure that our work in APEC will benefit all,” Domingo said.
“The strengthening of our economic linkages, with goods and services trade and investment at the core, has provided a solid framework for growth and prosperity,” he added.