PHUKET: Twenty-one Asia-Pacific Economic Cooperation (Apec) members have agreed on a plan to help micro, small and medium enterprises (MSMEs) as well as startups gear up to adopt the bio-circular green (BCG) economic model.
Action plans will be drafted at the SME Ministerial meeting in the United States next year, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow told the closing session of the 28th Apec SME Ministerial Meeting which ran from Sept 5-10 in this southern island province on Saturday.
The meeting was held as a precursor to the full Apec summit in November when 21 economic leaders will meet in Bangkok.
Mr Supattanapong hopes the BCG model can help MSMEs grow sustainably and boost business opportunities as the Covid-19 pandemic subsides.
"The BCG model will help MSMEs to focus on the creative economy, innovation and sustainability to keep the economy, society and the environment in balance," he said.
It will lead to sustainable business development, he added.
"To achieve the goal, MSMEs and startups need assistance to purchase financial technology or fintech, which refers to the use of new technology or innovative business models in the delivery of financial services to boost long-term economic growth for MSMEs and startups," Mr Supattanapong said.
The meeting also agreed to help MSMEs reach more overseas markets by reducing trade costs as well as strengthen the roles of women who run MSMEs and startups, he said.
The Office of Small and Medium Enterprises Promotion director Weerapong Malai said the meeting also established a BCG framework for the region's trade and investment system.
He said more than 98% of businesses in the region are MSMEs, and together they account for 40–60% of Apec's gross domestic product.
"Helping MSMEs to survive is the key to economic growth in the region," Mr Supattanapong said.
MSMEs need to rapidly adopt the BCG model, so they can begin restructuring debts accrued as a result of the pandemic.
He said the meeting will draft a policy and the implementation will begin next year.
