| Izah Azahari |
THE APEC Business Advisory Council (ABAC) Brunei Darussalam firmly believes that micro, small and medium enterprises (MSMEs) are not only crucial to economic diversification, innovation and sustainability but are key dri-vers of entrepreneurship and employment, where expanding their role in regional trade and investment is an important means to achieve quality growth and to reinforce the benefits of globalisation, said member of ABAC Brunei Darussalam Yang Berhormat Nik Hafimi binti Abdul Haadii, who is also a member of the Legislative Council.
She made these comments when ABAC Brunei Darussalam yesterday presented the ABAC Report to Leaders 2018 entitled ‘Digitisation and Innovation: Advancing Social Harmony’ to Minister of Foreign Affairs II Dato Seri Setia Awang Haji Erywan bin Pehin Datu Pekerma Jaya Haji Mohd Yusof.
Yang Berhormat Nik Hafimi and Pengiran Azaleen bin Pengiran Dato Haji Mustapha, the Head of Retail Banking and Branch Network at Baiduri Bank presented the ABAC Report to the Minister of Foreign Affairs II.
Meanwhile, Pengiran Azaleen said the ABAC believes that economies could not grow without adequate capital market development, investment and infrastructure, and innovation.
“A sustainable economy would rely on improved trade flows and wider outreach in digital connectivity in order that the economic benefits are widely shared,” added Pengiran Azaleen.
“Closing the connectivity gap remains one of the critical challenges to achieve sound quality economic growth, as envisioned in the APEC Connectivity Blueprint for 2015-2025.”
The report highlights the work undertaken by ABAC throughout the year and its recommendations that will form the basis of dialogue between APEC Leaders and the APEC business representatives on November 17, on the side-line of the APEC CEO Summit during APEC Economic Leaders Week in Port Moresby, Papua New Guinea.
Under Papua New Guinea’s leadership, ABAC has pursued a forward looking agenda with a strong emphasis on the role that digitisation and innovation can play in transforming societies and giving effect and meaning to inclusiveness.
The recommendations set out in the report aims to provide impetus for APEC to realise the promise of solid actions that will lead to a shared and prosperous future.
ABAC recommends that APEC responds to the concerns of regional businesses arising from trade tensions and for APEC economies to do more to fulfil trade commitments individually and through the World Trade Organization (WTO). ABAC also recommends that APEC accelerate progress towards the realisation of the Free Trade Area of the Asia-Pacific (FTAAP) as a key goal in attaining regional economic integration.
ABAC believes that APEC economies should be more actively engaged with the civil society in socialising the benefits of trade liberalisation and the need for complementary policies to ensure that the benefits are more widely shared by the communities.
ABAC also promotes the need for APEC economies to embrace digital innovation, encourage an open and receptive policy and regulatory environment so that the revolution now emerging can benefit all communities.