The Crucial Role of Small and Medium Enterprises in APEC’s Economic Growth
Inclusive Growth: A Key Focus for APEC
Small and medium enterprises (SMEs) play a crucial role in driving economic growth within the Asia-Pacific Economic Cooperation (APEC) region, particularly when it comes to fostering inclusive development, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Inclusive growth is not only a kind of growth that large companies and multinationals can enjoy, but it must also be equitable. "This is why we need to get the involvement of SMEs and the youth, as well as the involvement of women enterprises," he said during a recent interview with the Heat, a daily talk show under the China Global Television Network (CGTN) America.
APEC Summit to Focus on Inclusive Growth
During the APEC summit this year, inclusive growth will be among the topics to be discussed to ensure that all segments of businesses can gain market access, for example, through digital and green platforms. The interview was uploaded to the CGTN America YouTube Channel here today.
Malaysia’s Trade and SMEs
Tengku Zafrul said that 79 per cent of Malaysia’s trade was with APEC member economies last year. He also cited the fact that 70 per cent of Malaysia’s working population is employed by SMEs, including women-owned enterprises and micro SMEs.
Digital Economic Framework Agreement
With Malaysia assuming ASEAN chairmanship next year, he said the country is planning to conclude the Digital Economic Framework Agreement, which will see e-commerce as one platform with streamlined guidelines, policies, and laws, enabling small companies to participate in payments, for example, and many more. "So, this is similar for APEC economies. We need to make sure that even urban and non-urban areas are integrated in terms of access to markets. And I think it is important that this (inclusive growth) is being discussed because we are always talking about growth with large countries versus smaller countries, countries that are more developed versus less developed," said Tengku Zafrul.
APEC’s Significance
Today, APEC member economies represent a population of around three billion people, nearly 30 per cent of the global population. They constitute almost 60 per cent of the global gross domestic product and facilitate nearly 50 per cent of global trade.
Conclusion
In conclusion, SMEs play a vital role in driving economic growth within the APEC region, particularly when it comes to fostering inclusive development. The upcoming APEC summit will focus on inclusive growth, ensuring that all segments of businesses can gain market access through digital and green platforms.
FAQs
- What is the significance of SMEs in APEC’s economic growth?
- SMEs play a crucial role in driving economic growth within the APEC region, particularly when it comes to fostering inclusive development.
- What is the focus of the upcoming APEC summit?
- The upcoming APEC summit will focus on inclusive growth, ensuring that all segments of businesses can gain market access through digital and green platforms.
- What percentage of Malaysia’s trade is with APEC member economies?
- 79 per cent of Malaysia’s trade is with APEC member economies.