Small businesses play key role in development: Official

The National Business

MICRO, small and medium enterprises (MSMEs) play a key role in the development of Asia Pacific Economic Cooperation (Apec) economies, Papua New Guinea Manufacturers Council chief executive officer Chey Scovell says.
Scovell told The National this week when commenting on measures taken by Apec policy makers to support people including MSMEs that they accounted for 80 per cent of businesses in developing economies and represented about two-thirds of global employment.
“However, they face several challenges that limit their growth and make them vulnerable to external shocks, such as the Covid-19 pandemic,” he said.
“Apec policymakers have taken steps to mitigate the economic impact of the pandemic and existing quarantine policies in order to save and protect the livelihoods of millions of people.
“These measures include those aimed at supporting MSMEs, either through financing, digital tools, or preventive measures in the workplace.
“The MSMEs support measures dashboard is developed by Apec Business Advisory Council (Abac) to comply with measures employed by Apec economies that seek to alleviate the negative impacts of the pandemic.
“This map is a dynamic tool that employs a more user-friendly format so that the user can freely interact with this digital tool and obtain the information according to their requirements,” Scovell said.
“In addition to our priorities, Abac also placed substantial focus (leading to a formal recommendation to leaders) on accelerating economic recovery due to the pandemic.”
The Abac held a meeting yesterday in which it adopted the theme “Integration, Innovation, and Inclusion” in a work programme in which it will focus on:

  • Promoting inclusive economic growth for MSMEs, social enterprise, women, youth and underrepresented groups via facilitating entry into global markets and new innovation in the digital era;
  • Building resilient and sustainable communities by promoting green growth, addressing climate change, and strengthening food and energy security; and,
  • Driving a seamless and comprehensively connected Asia-Pacific balanced on physical connectivity, institutional connectivity and people-to-people connectivity.