Survey: Most people work for small businesses

SMALL-to-medium enterprises account for more than 97 per cent of enterprises and employ half of the workforce in Asia-Pacific Economic Cooperation nations, according to a survey.
The survey was conducted by the Asia-Pacific Economic Cooperation working group on SMEs.
Minister for Youth, Community Development and Religion Soroi Eoe told an expo on women economic empowerment in Kokopo, East New Britain, that according to the Asia-Pacific Economic Cooperation group, SMEs contributed significantly to economic growth with their share of GDP ranging from 20 to 50 per cent in most Asia-Pacific Economic Cooperation economies.
“However, they only account for 35 per cent or less of the direct export,” he said.
He said the working group encouraged the development of SMEs to engage in international trade.
He said with the department setting up a platform for women, it would be a valuable step to helping women-owned businesses play a role in driving innovation and sustainable growth.
Eoe said it would support the United Nation’s Sustainable Development Goals.
“We must commit to strengthening ethical business practices to free SMEs from the high costs of corruption and support their ability to access national and global markets,” he said.
He said the ministry, as the custodian of the Informal Economy Policy and the Informal Sector Control and Development Act, believed that the potential in growing SMEs through the informal economy was by providing financial support for start-ups and capacity development through partnership with regulatory and financial institutions.
“This will help bridge and encourage growth in the SME sector integrating with the broader Asia-Pacific Economic Cooperation plan on SMEs.”