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 May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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