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APEC ministers meet in C. Philippines to push for integration of micro, small, and medium enterprises

Xinhua, September 25, 2015 Adjust font size:

Ministers of the member economies of the Asia-Pacific Economic Cooperation (APEC) convened Friday in central Philippine city of Iloilo to set the policy to support the integration of micro, small, and medium enterprises (MSMES) to international markets.

"It is very important that our approach embraces the interest of small business, particularly micro and small enterprises," Philippine Department of Trade and Industry Secretary Gregory Domingo said at the 22nd APEC SME Ministerial Meeting.

"I know that the Philippines has much to learn from our member economies," Domingo admitted in the Opening Remarks.

Chinese Ministry of Industry and Information Technology deputy Director General Tian Chuan shared his views and experience on inclusive development for SMEs.

"In China, a number of SMEs burgeoned with the rapid development of the Internet Economy. The Internet Economy lowers the threshold for startups. SMEs are very adaptable and could develop and expand with the help of the Internet," Tian said in a statement.

Led by the theme "Mainstreaming Micro, Small and Medium Enterprises (MSMEs), " the ministers are considering initiatives from different economies addressing barriers to facilitate entry to markets, advancing modernization and standards and conformance. On the table are initiatives to help achieve inclusive growth through sustainable and resilient micro and small enterprises.

According to Doris Magsaysay-Ho, 2015 Chair of the APEC Business Advisory Council, SMEs account for over 97 percent of all enterprises and contributes significantly to economic growth, with SMEs' share of gross domestic product ranging from 20 percent to 50 percent in the majority of APEC economies. Endi