Home / Knowledge / News / APEC business advisory council recognises role of SME's
APEC business advisory council recognises role of SME's
07
Aug '08
In the era of globalization, says the APEC Business Advisory Council (ABAC), small businesses matter.

Coming together for the first time since the collapse of WTO Doha Round negotiations, an elite group of some of the most influential business minds from throughout the Asia-Pacific are emphatic about the importance of small to medium sized enterprises (SMEs) to future economic stability.

ABAC, whose members are elected by leaders of their respective economies, reasons that SMEs account for over 90 percent of all businesses in the APEC region and employ approximately 80 percent of all workers.

As globalization and regional integration enables more and more people to participate in the international market place, the influence of SMEs will increase exponentially.

Beyond wealth generation and distribution, this extends to things like technological advancement and social development.

Creating a healthy economic environment will depend on the ability of policy makers to make adequate provisions for the growth of SMEs.

Declares ABAC Chair, Juan Francisco Raffo, "If we want to improve the situation of the majority, we have to make SMEs competitive. We have to bring SMEs into APEC processes."

To this end, the group calls upon APEC to implement three special support programs for SMEs in member economies:

A Technological Infrastructure Programme should ensure the provision of information communication technology (ICT) services and infrastructure that are relevant to SMEs by 2020.

This would include targeted financial support for the acquisition of resources and skills; A financing capacity building programme should establish micro credit and loan systems with sound legal frameworks; venture investment funds and governmental financing institutions for SMEs; and SME Training Programmes should be established.

This comes at the end of a two day SME Summit, hosted in partnership with the Alibaba Group and featuring a diverse cross-section of the business community from actor and martial artist Jet Li to Massayoshi Son, founder and CEO of Soft Bank.

Muhammad Yunus, founder of the Grameen Bank, who participated by video conference drew attention to the positive effects of micro-credit, particularly on women and other disadvantaged groups.

"Poverty is not created by the poor. It is created by institutions. If you are looking for market solutions, you have first to redesign the market."

Asia-Pacific Economic Cooperation


Must ReadView All

Apparel/Garments | On 28th Jul 2017

DuPont launches new stretchable electronic inks, films

DuPont Advanced Materials has announced availability of its newest...

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X