SMEs growth a key topic at third ABAC meeting

Toronto (VNA) - Policies that facilitate SMEs development are the most important topic of discussion at the third meeting of the APEC Business Advisory Council (ABAC), said Stewart Beck, President and CEO of the Asia Pacific Foundation of Canada.

In an interview with the Vietnam News Agency on the sideline of the ABAC meeting in Toronto on July 26, Beck noted that 98 percent of companies in Asia-Pacific are classified as small- and medium-sized enterprises (SMEs), thus it is important to promote their operations and growth potential.

Policies for SMEs growth include those on mechanisms for business establishment, startups, and recruitment at local level, he said.

Meanwhile, looking for measures to diversify business categories in the region is also necessary, he added.

Beck considered globalisation an important process, particularly with IT firms.

He said he supports e-commerce, which, to him, is a platform for SMEs to trade without border.

The point is governments’ understanding of online trading and issuance of policies that encourage its growth, said Beck, adding that the matter will be among ABAC’s recommendations to APEC leaders.

The ABAC’s third meeting in 2017 took place in Toronto, Canada, from July 24-28.

During the event, business leaders from APEC member economies gathered to build an agenda and make recommendations on business climate improvement across the APEC region, which will be submitted to the APEC Economic Leaders’ Week in Vietnam next November. -VNA