BUSINESS

APEC MINISTERS AGREE DIGITALISATION NECESSARY FOR MSMES SURVIVAL

23/10/2020 04:54 PM

KUALA LUMPUR, Oct 23 -- The 26th Asia Pacific Economic Cooperation (APEC) Small and Medium Enterprise (SME) ministers have reached a consensus on the importance of digitalisation for the micro, small and medium enterprises (MSMEs), emphasising that digitalisation will help MSMEs recover and build resiliency amid COVID-19.

APEC SME ministerial meeting (APEC SMEMM) chairman Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the participating APEC economies affirmed the pivotal role of digitalisation, innovation and technology in building the resilience of MSMEs.

“We acknowledge the importance of cooperation on facilitating the flow of data and strengthening consumer and business trust in digital transactions.

“We also discussed on the best practices in mitigating the impact of the pandemic among MSMEs and digitalising MSMEs for an inclusive and sustainable new normal,“ he told reporters after the meeting here today.

Wan Junaidi said APEC members regarded MSMEs as an important sector in the economy, contributing between 40 per cent and 60 per cent to the gross domestic product (GDP) and employing a significant part of the workforce in APEC economies.

He noted that many economies are providing tax relief, wage subsidies, interest rate reductions, soft loans, refinancing facilities, as well as subsidies to help sustain businesses through crisis.

“In addition to these fiscal interventions, APEC must work together to promote and encourage the transitions of MSMEs into emerging digital economy,” he added.

As Malaysia is leading APEC 2020, Wan Junaidi said more concerted efforts by APEC economies are expected to further promote free, fair and open trade and investment among economies, especially in uplifting growth and strengthening the resilience of global supply chains (GVCs).

The APEC SMEMM endorsed the APEC SME Working Group Strategic Plan 2021-2024 which sets the objectives in five priority areas: entrepreneurship, innovation and startups, SME access to international markets and GVCs; inclusive capability development towards digitalisation; access to finance and alternative financial solutions; and government to business interaction. 

Meanwhile, Wan Junaidi said Indonesia and Malaysia brought up the issues of cooperatives in both countries.

“We are looking on how to digitalise the supply chain and ensure that products from farms and manufacturers are involved in a digitalised supply chain.

“We are also looking at digitalisation within cooperatives, whereby digitalisation would benefit urban areas, rural areas, as well as bind them together,” he said.

-- BERNAMA


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy