Author Topic: ASEAN intensifies MSMEs’ role as a major driver of economic growth  (Read 642 times)

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ASEAN intensifies MSMEs’ role as a major driver of economic growth

MANILA—ASEAN Leaders are set to reiterate their call towards inclusive and sustainable economic development with increased emphasis on micro, small, and medium enterprises (MSMEs) as drivers of growth at the 30th ASEAN Summit in Manila on 29 April.
 
Philippine (PH) President Rodrigo Duterte, as Chair of this year’s Summit, will put premium on demonstrating inclusive participation in the community-building process, to ensure that the economic benefits of integration are fully realized and shared by everyone in ASEAN.
 
At the core of PH chairmanship, the MSME agenda recognizes the indispensable role of the sector as dynamic catalysts for equitable economic growth. Unlocking opportunities for MSMEs to participate more successfully in global markets is central to ASEAN’s vision of bringing about positive change in people’s lives and ensuring that the broader base of the economy benefit from the gains of economic integration.
 
One with the President, the Department of Trade and Industry (DTI) strongly supports the engagement of small businesses in international trade with its thematic priority of “inclusive, innovation-led growth” for the ASEAN Economic Community (AEC), which sets the tone for the Philippine agenda on increasing trade and investments, integrating MSMEs in the global value chains and fostering an innovation-driven economy.
 
“Our stronger focus on MSMEs demonstrates the significance placed by ASEAN on the strong potential and well-being of this sector. We are pleased that various MSME development initiatives are already on-going and have been prioritized for implementation throughout the year,” said DTI Secretary and current ASEAN Economic Ministers (AEM) chair Ramon Lopez.
 
In line with this, PH is taking the lead in seeking policies, programs and projects that are practical from the perspective of small business and rural communities, including trade and business facilitation, e-commerce, inclusive business, business facilitation and cross-country immersion, and women and youth economic empowerment.
 
The trade chief added that with the full support of all ten ASEAN Member States (AMS), the identified priority deliverables will eventually come into fruition during the PH chairmanship.

These MSME interventions are seamlessly anchored in Dutertenomics, which sums up President Rodrigo Duterte’s socio-economic agenda that aims to widen the gains of economic development, to address inequality, and to uplift the quality of life of Filipinos.
 
ASEAN Inclusive Business
 
PH is set to trailblaze the ASEAN Inclusive Business (IB), a concept that provides innovative ways to do commercially-viable business while also giving opportunities for advancement in the socio-economic well-being of the people as it reaches the broader economic base.
 
The marginalized and low-income people have skills and entrepreneurial capacities that are already being tapped by big businesses in their workforces and supply chains.
 
IB can contribute towards narrowing the development gap and improving living standards of ASEAN peoples as espoused in the AEC 2025 goals.
 
This concept gives a method for ASEAN to deliver positive economic and social impact at a scale, as more businesses begin to implement IB models and as ASEAN governments foster an enabling environment through IB promotion policies and programs.
 
“The Philippines strongly supports the IB agenda in the region. IB in ASEAN is on the cusp of developing into a major force for inclusive and sustainable development,” said Undersecretary Ceferino S. Rodolfo.
 
ASEAN Roll-on Roll-off (RORO) Network
 
Another PH major deliverable and legacy project is the launching of the ASEAN Roll-on Roll-off (RORO) Network, particularly the Davao-General Santos-Bitung trade corridor, which aims to enhance intra-regional connectivity and bolster socio-economic development in the South through trade expansion and business convergence.
 
The new trade route is a more cost- and time-efficient alternative to the Manila to Bitung route, as the former would only take a maximum of eight days compared to the latter, which usually takes three to five weeks of shipping time.
 
This route reduces considerable amount of time in moving goods from certain parts of the Philippines to parts of Indonesia. Initial goods to be traded by PH include food, beverages, garments, and electronics.
 
ASEAN RORO targets to provide greater access for local businessmen, especially MSMEs, to engage in international trade and stimulate other areas of development such as joint tourism promotion, establishment of direct air linkages, and increase in investment flows in the long run.

The formal launching will be welcomed by President Duterte and Indonesian President Joko Widodo in Davao on 30 April.

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