| Hakim Hayat |
KEEPING UP with the ever-growing global market opportunities and fast-increasing competition, the capabilities and innovative capacities of micro, small and medium enterprises (MSMEs) in the region must be continuously strengthened, Haji Kamaludin bin Haji Bungsu, the Permanent Secretary (Manpower and SHENA) at the Energy and Industry Department said yesterday.
He made these remarks at the opening ceremony of the 46th Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprise Working Group (46th APEC SMEWG) Meeting held at the International Convention Centre (ICC) in Berakas yesterday.
As MSMEs take centre stage in our economic development agenda, the permanent secretary said, it has become more apparent and evident that efforts must lead towards ensuring that all aspects of MSME development are being taken into account and their issues are addressed within development initiatives.
“It is crucial that innovation and productivity is spurred among our MSMEs, digital connectivity is enhanced through robust infrastructure, policy and regulatory framework is conducive, access to international markets is widened and made easy through the elimination of trade barr-iers, access to funding platforms is expanded and capacity development is strengthened to allow for greater competitiveness and resilience among our MSMEs to enable them to take part in the global value chain,” he added in his opening speech at the two-day meeting.
As MSMEs account for over 97 per cent of all enterprises in APEC economies and 20-50 per cent of the Growth Domestic Product (GDP) across the region while playing a pertinent role in driving half of the region’s workforce, Haji Kamaludin said the figure is not proportionate to the direct exports contributed by MSMEs within the region, which only account for 35 per cent or less.
“In order to improve MSMEs’ export performance and for them to take advantage of the growth potential from exporting – through trade liberalisation and enhanced connectivity – we must continue our efforts and take bold steps in transforming our business landscape into an avenue that is truly conducive and enabling for our MSMEs to grow and expand, particularly by encouraging their participation in the global value chain,” the permanent secretary added further.
He also emphasised the need to continuously promote public-private partnerships and constant engagement with the business community and ecosystem to ensure the effectiveness and relevance of the working group’s discussions and initiatives.
Participants of the meeting, which is chaired by Nguyen Hoa Cuong, Deputy Director-General of the Agency for Enterprise Development from the Ministry of Planning and Investment, Vietnam, include representatives from APEC economies and the APEC Secretariat as well as dialogue partners.
Representing Brunei Darussalam at the meeting are delegates from the Energy and Industry Department and DARe (Darussalam Enterprise), which are also joint organisers of the meeting.
The meeting will see participants discussing the latest status and progress of regional projects in MSME development in alignment with the APEC SMEWG’s Strategic Action Plan 2012-2020, which is focussed on important pillars such as entrepreneurship; innovation and the Internet and digital economy; financing for business expansion and capability development; inclusive business ecosystem that supports SME growth; and market access for MSMEs.
The meeting will be followed by the APEC Online-to-Offline Forum (APEC O2O Forum) which will be held tomorrow.
The results of the 46th APEC SMEWG meeting will be reported at the APEC SME Ministerial Meeting which is scheduled to take place later this year.
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