APEC strategic plan in line with Wawasan 2035: BEDB

THE focus areas set out by APEC ministers in the bloc's latest four-year strategic plan are in-line with Brunei's future plans as set out by the Sultanate's Wawasan (Vision) 2035, the Brunei Economic Development Board said.

Shiekh Rashid Salam, the Assistant Chief Executive Officer and Head of Local Enterprise Development at the Brunei Economic Development Board (BEDB), said the focus growth areas set out by APEC is "in-line with Brunei's own medium and long term plans".

He told The Brunei Times that the government, through various agencies involved, is "undoubtly" actively developing the focus areas.

"From the BEDB's perspective, we are actively trying to inculcate the entrepreneurship and innovative spirit amongst youth from an early age starting at schools," he said.

"We have also created various funding schemes, mentoring programmes and connectivity platforms aimed at facilitating the growth of our SMEs, both domestically and internationally," he added.

Following the conclusion of the 19th Asia-Pacific Economic Cooperation (APEC) Small-to-Medium Enterprises (SMEs) Ministerial Meeting last week, member countries reaffirmed their commitment to their on-going work to address critical issues and concerns pertaining to SME growth in the Asia-Pacific region.

The statement stated that APEC's focus areas for 2013-2016 will include: building management capability, entrepreneurship and innovation; financing; and business environment, market access and internationalisation.

The meetings, held on August 3, 2012, saw APEC ministers endorse the four-year strategic plan set out by the SME Working Group (SMEWG).

The Deputy Minister for Economic Development of Russia, Vladimir Simonenko, said that SMEs are key in building state-of-the-art economies, but require particular attention in some areas to continue to foster an environment that allows innovative firms to flourish.

"We have to strengthen the operating environment for the SME sector and to bring down the barriers on the way of developing our SMEs. We have to share best practices," urged Simonenko.

He noted that the burgeoning economic development of the region shall be carried out by the younger generation.

"This merits special focus on start-ups and youth entrepreneurship," he said.

On this matter, APEC ministers and officials agreed that advancing SME cooperation for innovative growth can be enhanced through promoting start-ups which were identified as the most important stage of entrepreneurship.

The ministers agreed that the development of start-ups facilitates job creation and increases international trade that benefits APEC economies.

SMEs among APEC's 21 member economies accounts for roughly 90 per cent of all businesses and employs nearly 60 per cent of their workforce.

SMEs also account for over 50 per cent of Gross Domestic Product in some APEC economies.

Executive Director of the APEC Secretariat, Ambassador Muhamad Noor, said that APEC is continuing to take actions to boost SMEs and their capacity to drive innovative growth by encouraging increased cooperation in the region.

APEC is taking a comprehensive approach to the development for SMEs, consistent with SMEs importance to economies in the region, he said.The Brunei Times