Without their inclusive recovery, we will not be able to achieve resilient and balanced economic growth

Jakarta Ministerial-level officials and high-level representatives from APEC member economies met to put in place a plan for crucial recovery of the region’s micro, small, and medium enterprises (MSMEs).

APEC MSMEs were heavily impacted by lockdowns and restrictions over the past two years and continue to struggle in the post-pandemic world, according to the 28th APEC Small and Medium Enterprises Ministerial Meeting in its statement received here on Saturday.

The APEC SME ministers convened in Phuket physically for the first time since 2019. The gathering of ministers concluded a week of engagements among the region’s officials, experts, and entrepreneurs, who exchanged views on best policy practices in support of small business.

“The COVID-19 pandemic had brought about devastation to MSME businesses, as they were impacted by supply chain disruption, market relocation, and financial losses,” according to Supattanapong Punmeechaow, Thailand Deputy Prime Minister and Vice Chairman of the Thailand Board of SME Promotion, who served as chair of the meeting.

“Against their liquidity shortage, MSMEs also needed to make new investments in reskilling their workforce towards the digital mode of services and productions,” he added.

Minister Supattanapong acknowledged that even as the economy is reopening, small enterprises face new challenges.

“At the time we are currently convening, the world somehow has moved away from the COVID-19 pandemic, yet to confront an emerging global situation with adverse impacts on our MSMEs at no lesser intensity than the pandemic,” he stated.

Minister Supattanapong referred to small businesses as “the driving engine of the APEC economies.”

Source: Antara News