ILOILO CITY—Member economies of the Asia-Pacific Economic Cooperation (Apec) are stepping up their initiatives to “scale up” and “speed up” the growth of micro, small and medium size enterprises (MSMEs) by encouraging networking between the start-ups and prospective investors.
Speaking at the Apec Accelerator Network (AAN) Forum II here, Trade Undersecretary Zenaida C. Maglaya emphasized how MSMEs serve as the backbone of every economy and play a vital role in spurring economic growth, particularly in the countryside.
“Hence, developing MSMEs with global trade participation in mind enhances the growth prospects of local communities,” Maglaya said.
The AAN Forum formed part of the Apec economies’ response to the 2014 Apec Leaders’ call to invest in the early stage development of innovative SMEs.
Chinese Taipei in particular, is conducting the Apec Accelerator Network for Early Stage Investment, which underpinned the regional networking of accelerators and start-up communities.
The objective was to encourage the next generation to start their businesses with a global vision and accelerate their success through mentorship, funding and technical support.
“We believe that the AAN share the same thrusts with the theme of the Philippines’ Apec hosting. This initiative rewards innovation among MSMEs, especially start-ups, by bringing them closer to opportunities to advance their businesses through investment and mentorship from business accelerators such as venture capitalists and angel investors,” Maglaya said.
“It is only fitting that we encourage networking among us as an embodiment of the work Chinese Taipei has started with the AAN initiative. What is envisioned in this work is a connected community between business accelerators and start-ups where both benefit from each other mutually. The AAN highlights a key theme in the Philippine hosting of Apec, which is inclusiveness,” she added.
Mei-hsueh Lin, deputy director general for the SME administration under the Ministry of Economic Affairs of Chinese Taipei, noted that in the age of digital economy and Internet of Things, technology was ever-changing and that global competition is creating new challenges as well as opportunities for SMEs.
Thus, the “only way to survive and keep growing fast in a world of innovation” is through embracing changes and entrepreneurship, she added.
Maglaya also pointed out that Chinese Taipei and the Philippines shared a common vision for promoting innovative start-ups and helping them reach greater heights.
“Earlier this year, the Philippines launched the Apec SME Technology Entrepreneurship Conference or more popularly known as Slingshot Manila where we also gathered government and industry leaders to share their expertise in developing tech start-ups, leveraging the Internet to go global and making the most of intellectual property rights,” Maglaya said.