FINANCE ministers from ASEAN economies committed to provide more support for micro, small and medium enterprises (MSMEs), following the conclusion of the sixth ASEAN Inclusive Business Summit in Bali.
“Recognizing MSMEs as the backbone of the ASEAN economy, playing a crucial role in implementing the sustainable development goals, by driving economic growth, fostering innovation, generating employment, and reducing poverty,” they said in a joint statement.
The joint statement was signed by finance ministers from the Philippines, Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Singapore, Thailand, and Vietnam.
It said that MSMEs “play a crucial role in implementing the sustainable development goals, by driving economic growth, fostering innovation, generating employment, and reducing poverty.”
“MSMEs and people at the base of the economic pyramid are most vulnerable to natural disasters, economic crises and public health emergencies and thus, must be empowered to be resilient, through the provision of regulatory and policy support, capacity building activities, access to markets and participation in regional and global value chains, access to finance, as well as coaching and advisory services,” it added.
To promote regional collaboration and cross-country adoption of strategies, the ASEAN ministers endorsed guidelines and action plans to promote inclusive business.
These include facilitating knowledge exchange through regular public-private dialogues, creating a regional fund to provide grants to inclusive business innovations, and providing policy advisory to support the establishment of accreditation systems that recognize businesses with inclusive business models, among others.
In a separate statement, Finance Secretary Benjamin E. Diokno, who represented the Philippines during the summit, said that ASEAN should ramp up collaboration to tackle the region’s post-pandemic recovery.
“ASEAN should continue to focus on strengthening the region’s surveillance activities, cooperation on macroeconomic policy, and enhancing regional financial safety nets to cushion our region from external shocks,” Mr. Diokno said.
“ASEAN countries should likewise promote freer flow of goods, services, and capital through the various free trade agreements with our external partners, thereby improving the supply chain,” he added.
Mr. Diokno also urged ASEAN member states to collaborate in exploring digital technology innovations.
“Sustainable finance initiatives at the regional level should also be pursued to solidify ASEAN’s transition towards a low-carbon future,” he added. — Luisa Maria Jacinta C. Jocson