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US highlights role of ASEAN SMEs

US Ambassador to the Association of Southeast Asian Nations (ASEAN) Yohannes Abraham has said that small and medium-sized enterprises (SMEs) are integral to the economic growth of the region.
US highlights role of ASEAN SMEs ảnh 1US Ambassador to the Association of Southeast Asian Nations (ASEAN) Yohannes Abraham. (Photo: ANTARA)
Hanoi (VNA) - US Ambassador to the Associationof Southeast Asian Nations (ASEAN) Yohannes Abraham has said that small andmedium-sized enterprises (SMEs) are integral to the economic growth of the region.

According to Abraham, supporting SMEs in ASEAN is ofcritical importance because around 99% of businesses in the ASEAN nations are smalland medium-sized. Additionally, 85% of the combined workforce of ASEAN statesalso works for SMEs.

"We think we have a great economic partnershipalready. And we want to look for ways to enhance it moving forward," hetold ANTARA in Jakarta on May 27.

The diplomat added that the US is committed to working withASEAN to boost the region's economy, one of which is through the US-ASEANBusiness Council, a group of US companies with investments in ASEAN. They sharebest practices and conduct training for entrepreneurs in the region.

The US is one of the main trading partners of theregion. It is also the largest source of foreign direct investment (FDI) in theregion, with a value reaching 40 billion USD in 2021. The US's goods and servicestrade with ASEAN stood at an estimated 441.7 billion USD in 2021.

Currently, there are more than 6,200 US companiesoperating within ASEAN.

These are a couple of examples of deep commitmentto build on an already strong economic partnership and make it evenstronger, Abraham said.

According to ASEAN data, there are 70 million MSMEs inASEAN. Regionally, MSMEs contribute 85% to employment, 44.8% to the grossdomestic product, and 18% to national exports./.
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