APEC SME MINISTERIAL MEETING CHIANG MAI, THAILAND 7-8 AUGUST 2003
APEC
SMALL AND MEDIUM
CHIANG
7-8 AUGUST 2003
JOINT MINISTERIAL STATEMENT
“STRENGTHENING AN APEC ENTREPRENEURIAL SOCIETY”
Introduction
1.
APEC Ministers and their representatives responsible for SMEs from Australia;
Brunei Darussalam; Canada; Chile; the People’s Republic of China; Hong Kong,
China; the Republic of Indonesia; Japan; the Republic of Korea; Malaysia;
Mexico; New Zealand; Peru; the Republic of the Philippines; Russian Federation;
Singapore; Chinese Taipei; Thailand; the United States of America; and Viet Nam
gathered during 7-8 August
2. The objectives of the
meeting were to discuss:
‧ key success factors in strengthening the APEC
Entrepreneurial Society including
1) entrepreneurship development
2) business creation, capital formation and financial
access for SMEs
and micro-enterprises
and
3) capacity building for and addressing the impediments to SME
exporters and to endorse:
‧ the Action Plan to Promote Micro-Enterprise in
APEC economies
‧ further
co-operation between APEC SME, other APEC fora and sub-for a
3. Ministers congratulated
I. APEC ENTREPRENEURIAL
SOCIETY AND ENTREPRENEURSHIP DEVELOPMENT
Entrepreneurial Society
and Entrepreneurs
4. Ministers stressed
that a vibrant “entrepreneurial society” is central to the growth of
the APEC economies. Substantial entrepreneurial activity
generates demand for new
services, products, and jobs. The strength of an
entrepreneurial society is manifested
through the number of business start-ups and the
sustainability of SMEs and microenterprises.
The dynamism of an entrepreneurial society plays a catalytic role to
spur development of micro-enterprises and SMEs.
5. Ministers recognized
that the definition of an entrepreneur goes beyond the
conventional meaning of “business owner and operator” and
that risk-taking
individuals are the driving force behind
entrepreneurship. The development of a
dynamic entrepreneurial society requires individuals who
are “innovative, visionary,
and ready to take the risk of starting-up a new
business.” Policy-makers are
encouraged to promote this definition of “entrepreneur”
in an effort to foster
entrepreneurship.
6. Emphasizing the
strong correlation between entrepreneurial activities and economic
growth, Ministers expressed the wish for more
entrepreneurs among APEC’s member
economies. As reported in the Profile of SMEs and SME
Issues in APEC 1990-2000,
on average the ratio of entrepreneurs per population in
APEC’s developing
economies is 1: 120, compared to about 1:
address this shortage, Ministers encouraged APEC fora and
sub-fora to identify key
success factors and relevant policy measures that could
lead to high levels of
entrepreneurial activities across APEC economies.
Ministers also commended the
initiative between
by working on a multi-year program for entrepreneurship.
7. Ministers commended
the process of building private-public partnership to address
the needs of entrepreneurs in APEC. It has been
shown that entrepreneurs and SMEs are a major engine for growth and jobs. There
are about 240 million people in the APEC Asian region who attempt to
start a business each year. There is a considerable shortage of skilled and experienced entrepreneurs in the
region, which needs about 60 million more experienced
entrepreneurs. If these nascent entrepreneurs
can get better access to products and services aimed at meeting their information, advisory and functional management needs,
then they will be more likely to succeed. Ministers
commended the efforts of
8. Ministers
acknowledged the importance of business incubation in fostering
entrepreneurship and new businesses. They applauded the
success of the First
APEC Incubator Forum hosted by Chinese Taipei earlier
this year. Ministers
encouraged APEC economies to use the project’s outcomes
to improve business
incubation systems, and supported the continued effort of
Chinese Taipei in
organizing the Second APEC Incubator Forum next year.
9. Ministers welcomed
the “APEC SME Business Network Promotion Forum” hosted by
creating new business opportunities in the APEC region.
Ministers also welcomed
the forum on the collaboration between industry, academia
and government in
.
Globalization and Entrepreneurship
10. In 2002, APEC Leaders
and Ministers recognized the importance of helping APEC
economies benefit from globalization through economic and
technical cooperation
and capacity building. SME Ministers reiterated the
importance of educational
systems and training opportunities to assist and enable
individuals and would-be
entrepreneurs to understand the dynamics of the global
economy.
11.Ministers stressed
that in order to cope with the challenges of globalization, APEC
economies should focus on developing networks among
micro, small and medium
enterprises (MSME) and promotional agencies, MSME banks
and MSME
associations.
Key Success Factors in Fostering an APEC Entrepreneurial Society
a) Policy Environment
12. Ministers acknowledged that entrepreneurs are products of their environment and that
policy-makers are in part responsible for fostering an
environment conducive to the
growth of the entrepreneurial spirit. The entrepreneurial
environment is directly
affected by: regulatory and tax burdens; labor market
legislation; competition policy
and legal conditions. Each economy is encouraged to
speed-up efforts towards the
removal of barriers to entrepreneurial behavior and not
to introduce regulations that
overly penalize business failure.
13. Ministers stressed that tax policy is a crucial element in promoting new business
development. Unfavorable taxation policies are likely to
deter the development of
MSMEs and prevent capital reinvestment that could be used
to expand the operations
necessary for long-term business survival.
b) Education and Training
14. Ministers emphasized that culture is an important determinant of entrepreneurial spirit.As significant variations of entrepreneurial attitudes exist across the APEC economies, policy-makers have a major role to play to foster entrepreneurial activities through education and training. Ministers called upon opinion leaders and civil society to publicly highlight entrepreneurship as a valuable way of life that enriches the community as a whole.
15. Entrepreneurial activities require both business opportunity and entrepreneurial
capacity. Entrepreneurial education and training should
focus on:
‧identify enabling
individuals and would-be entrepreneurs to comprehend
changes in their
national and global economies and identify business
opportunities; and
‧ assisting
individuals and would-be entrepreneurs in developing the skills
necessary to pursue
business opportunities.
16. In response to
interest in learning more about fostering entrepreneurship, supporting
a dynamic SME sector, and creating jobs, SME Ministers
endorsed the second “
Voluntary Visitors Program for APEC SME Government
Officials” to be implemented
in June 2004. Ministers also welcomed the involvement of
participating officials in
sharing best practices for fostering entrepreneurship
learned in their home markets.
They look forward to a report on the outcomes of this
program at the 2004 APEC
SME Ministerial in
U.S. Small Business Administration’s Small Business
Development Center Program,
as it provides a model for co-operative public-private
sector delivery of counseling,
training and technical assistance in all aspects of
business management for current or
potential small business owners.
c) Innovation
17. Ministers stressed that innovation plays a key role
in facilitating the creation of highgrowth firms and is directly associated
with the levels of competitiveness of SMEs and micro-enterprises. Ministers
noted that several economies have programs aimed at
encouraging private sector research and development.
Furthermore, Ministers
considered that there may be scope for further
initiatives in this area if economies
agreed to extend the definition of research and
development to cover project design
and services.
II BUSINESS, CAPITAL FORMATION AND FINANCIAL ACCESS FOR MICRO, SMALL AND MEDIUM ENTERPRISES
d) III. BUSINESS, CAPITAL FORMATION AND FINANCIAL ACCESS FOR MICRO, SMALL AND MEDIUM ENTERPRISES
d)
Capital Formation and Financing for Entrepreneurship
18. Ministers observed
that entrepreneurship is intrinsically a high-risk activity that
requires appropriate financing facilities. They
encouraged APEC policy-makers and
APEC fora and sub-fora to seek ways and means to support
the expansion of such
financing facilities.
19. Ministers welcomed
the sharing of lessons learned in trying to build efficient capital
markets and successful venture capital sectors, where
SMEs can access outside
equity funding to develop and expand their businesses.
Various sources of equity
capital available to SMEs were explored, along with best
practices of venture
investors and seasoned entrepreneurs. Successful
enterprises can access funds
beyond the capital provided by family and friends and
private credit in order to build
thriving companies.
20. Ministers emphasized
the need to develop a capital market that encourages people to
invest savings in new business formation or business
expansion. In creating an
efficient capital market environment, economies need to
encourage policies that
develop confidence, transparency, competition and
innovation. This environment is
achieved by: reducing burdensome regulations; increasing
transparency in standards,
regulations and financial transactions; and by ensuring
access to information for
investors and businesses.
21. APEC economies can
encourage venture investing by providing favorable tax
treatment, reducing government regulations, offering
public-private investment
programs, enforcing intellectual property rights
regulations, promoting corporate
responsibility and eliminating corruption. These efforts
can facilitate the provision of a
significant source of financing for entrepreneurs.
22. Ministers welcomed
Chinese Taipei’s proposal for an APEC Symposium on “Best
Practices for Financing Chains” to be held in
encouraged this Symposium to map-out “Best Practice
Guidelines for Financing
Chains” for APEC member economies to apply in their
future activities.
23. Ministers support
the sponsorship and promotion of investment fora and entrepreneur
networks, for information and educational purposes. This
will facilitate the formation
of angel investment clubs, venture capital conferences
and dinner clubs, and will help
form angel networks. At investment seminars, diverse
groups of investors can
discuss their investment criteria and perspectives on how
to best allocate funds.
24. Ministers encouraged
member economies to expand the local sponsorship of
investment fora on a regional basis and supported the
development of regional
networking conferences and activities where venture
markets are already advanced.
One of the most important criteria in developing
successful venture capital companies
is to employ business managers who can prepare and
analyze business plans. The
suggested regional networking conference activities could
help companies form
partnerships and strategic alliances to recruit and train
business managers, access
venture capitalists in the region, and facilitate local
entrepreneurial environment. If
member economies choose to design and implement such
venture capital-related
activities, Ministers suggested that they take the form
of public-private partnerships.
e)
Micro-Finance and Business Development Services
25. Ministers recognized
that micro-finance plays an important role in micro-enterprise
development, particularly as an instrument to reduce the
“financial exclusion” often
experienced by micro-enterprises in the APEC economies.
As an economic
development strategy, micro-finance encourages
income-generating activities, assists
entrepreneurs in stabilizing existing sources of income
and enables micro-enterprises
to grow into small businesses. Ministers expressed
support for the development of
market-based micro-finance that provides MSMEs with
micro-loans and other
financial services on a sustainable basis with more
flexible terms than those offered
by traditionally risk-averse banks.
26. Ministers observed
that linking access to finance with business development
assistance is an effective way to improve entrepreneurial
behavior and build credit
histories. This linkage increases entrepreneurs’ chances
of running successful
businesses and becoming well-established customers of the
finance system.
27. Ministers noted that
Micro Finance Institutions (MFIs) play a significant role in the
financial services sector. To enhance the capability of
MFIs in the region, there
should be co-operation among APEC economies for
strengthening the MFIs,
including the exchange of best practices among MFIs.
28. Ministers also
considered that there should be a clear policy framework and
development plan for a micro-finance system in APEC
economies where the need
exists for the extension of the financial system to incorporate the financially excluded.
III.
29. Ministers
acknowledged the substantial contribution of SMEs to trade in the APEC
region and the potential benefits in economic development
to be gained through
enhancing the participation of SMEs in regional export
markets. Reducing and
removing impediments for SMEs and micro-enterprises to
enter international markets
is crucial to the development of an entrepreneurial
society and the national economy.
It is also crucial to rectifying the under-representation
of SMEs in international trade.
30. Ministers also
encouraged member economies to assist SMEs and entrepreneurs
who want to expand their business or relocate
internationally, by means of advisory
services or financial services.
31. Ministers welcomed work underway in the APEC SME
Working Group to identify and remove regulatory and other non-tariff barriers
to trade for SMEs. This has the
potential to deliver substantial gains in regional
economic development and
employment growth. Ministers encouraged APEC Working Groups
and sub fora to
liaise closely with and support the endeavors of the SME
Working Group to facilitate
trade for SME exporters. In this regard, Ministers asked
APEC Senior Officials to set-
up a follow-up mechanism, aimed at reporting progress on
the developments to the
APEC Ministerial Meeting in 2004.
32. In this regard, Ministers welcomed SME-focused
symposiums and workshops with the Sub Committee on Standards and Conformance
(SCSC), Government Procurement
Experts Groups (GPEG) and a proposed Trade Policy
Dialogue with the Market
Access Group (MAG) in 2004. Ministers also commended
self-funded seminars in 2003 on “Growing the APEC SME
Exporter Community”,
which provided an opportunity for member economies to
gain a greater appreciation
from APEC small businesses, small business associations
and industry groups of
their views on how APEC could tackle the important issue
of identifying and reducing
impediments to trade for regional small businesses.
Future Actions to
33. Successful
encouragement of entrepreneurial activity includes the creation of an
environment where entrepreneurs can effectively network
and provide information to
public officials on barriers to growth. Information on
technical standards development
and how to comply with various foreign standards, rules
and regulations are of critical
importance to small businesses. SME Ministers approved
the
enhance transparency and information sharing on standards
and regulations by
organizing a “U.S. Standards Training Program for APEC
SME Government Officials”
in
educational program at the 2004 APEC SME Ministerial
Meeting in
34. SME Ministers
welcomed the proposal of Brunei Darussalam to host a workshop for
SME Program Managers on “Reducing SMEs’ Compliance Cost”
in 2005.
35. Ministers also
welcomed
options for the more effective identification and
monitoring of impediments to SME
export activity. Ministers encouraged all member
economies to co-operate and
actively participate in the project.
36. Ministers welcomed
the publication of the “Profile of SMEs and the Issues in APEC
1990
IV. APEC MICRO-ENTERPRISE ACTION PLAN
37. In recognition of
the need to highlight micro-enterprise-related activities throughout
the APEC region, Ministers endorsed the terms of
reference for the Sub-Group on
Micro-Enterprises of the SME Working Group, the APEC
Micro-Enterprise Action Plan, and the Micro-Enterprise Annual Work Plan.
Ministers welcomed the initiative to promote micro-enterprise development with
an emphasis on economic growth and
shared prosperity.
38. Ministers recognized that APEC micro-enterprises face
significant obstacles including the lack of :
‧knowledge and
information
‧an enabling policy
environment
‧access to markets
‧access to finance
‧basic skills and
management techniques
‧access to modern
technology, particularly information and
communications
technology
‧ strong
networks.
‧
39. Ministers adopted
the Action Plan’s guidelines for micro-enterprise development.
40. Ministers adopted
the proposed Micro-Enterprise Annual Work Plan which includes
the following activities:
‧A self-funded
workshop on Indonesian Best Practices in Commercial
Micro-Finance
‧Two
APEC-funded projects, namely, the Indonesian Project in Micro-
Finance and the Korean
Project on Enabling a Micro-Enterprise
Information Technology
Environment
‧Further
research and policy discussions on collaborations with
International Financial
Institutions to promote micro-enterprises in
APEC and an enabling
regulatory framework
‧Organizational
arrangements for the Sub-Group.
V. CO-OPERATION BETWEEN APEC SME AND OTHER APEC
FORA, SUB-FORA, OBSERVERS AND INTERNATIONAL ORGANIZATIONS
APEC Sub-Committee on
Standards and Conformance (SCSC)
41. Ministers
complimented the APEC SME Working Group and the APEC SCSC for
holding a formal dialogue. It is realized that the
survival of SMEs is dependent on
their ability to compete in the global market place, and
in particular to ensure that their
products are of a high quality and reliability. Standards
and conformance issues are
critical to SMEs, especially in supporting those in the
exporting sector or those
seeking to cut production costs. Ministers encouraged
both parties to continue their
regular dialogue to share experiences and to establish
priority work areas.
APEC
Finance Ministerial Meeting (FMM)
42. Ministers applauded
the APEC SME Working Group for its collaboration with the
APEC Finance Ministers’ Technical Working Group. This
co-operation helped identify
common opportunities and challenges in SME- and
micro-financing experienced by
APEC member economies, thus promoting awareness of
financing constraints in the
region.
43. Ministers agreed that collaboration between APEC
Finance Ministers and APEC SME Ministers will assist SMEs to improve their
abilities to gain access to capital. SME Ministers encouraged the early-stage
collaboration initiated by the SME Working
Group Chair to continue. SME Ministers noted the report
by the Finance Ministerial
Technical Working Group to the SME Working Group. Two
possible areas of cooperation for advancing the work in developing SMEs are:
‧ sharing
information and expertise, and providing trade facilitation; and
‧ fiscal and
financial co-operation.
Securitization
44. Ministers supported
further investigation of Regional Bond Markets and believe that
SME loans in APEC financial institutions could be used to
improve liquidity in the
Regional Bond Market. If new debt instruments are to be
created for the Regional
Bond Market, SME loans could be one type of collateral
for new debt instruments.
MOU among APEC SME Banks
45. Ministers acknowledged
the role of SMEs in supporting economic activities and
sustainable development. Ministers also agreed to
co-operate closely with APEC
Finance Ministers to support the development of SME
businesses in the APEC region.
In complementing the work of the APEC Finance Ministers,
SME Ministers agreed to
provide the support necessary to promote the process of
sharing information. This
information exchange is crucial to improving the
production and management
capabilities of micro-enterprises and SMEs.
46. Ministers also
supported the establishment of a network among APEC SME
Financing Institutions. As a first step, Ministers
acknowledged the on-going
discussion concerning the signing of the Memorandum of
Understanding on Cooperation among the APEC Financial Institutions Dealing with
SMEs.
Co-operation
with OECD Working Parties on SMEs and Entrepreneurship
47. Ministers welcomed
the participation of the OECD as a guest at the APEC SME
Working Group. In its role as a central body for economic
co-operation and
development in advanced economies, the work of OECD
Working Party on SMEs and
Entrepreneurship benefits SMEs in both APEC and OECD.
Ministers appreciated the
OECD’s efforts to work with the SME Working Group on
future co-operation between
OECD and APEC with the aim of developing a draft Action
Plan for discussion at the
SME Working Group Meeting to be held in October
Collaboration
with Other Related Organizations
48. Ministers recognize
the importance of both private and public APEC SME supporting
agencies. They nonetheless reckoned that the scope of SME
development is not
limited only to SME supporting entities, but are is
related to the mechanism of other
supporting organizations, both private and public. In
some economies, those
supporting organizations are the Ministry of Finance,
Ministry of Trade, Ministry of
Economic Development, Ministry of Industry etc.
Therefore, Ministers agreed to
support the closer collaboration of APEC SME Working
Group with other
organizations working on issues related to SMEs.
Recommendations
from the Business Sector
APEC
Business Advisory Council (ABAC)
49. APEC Ministers
welcomed the participation and recommendations from the APEC
Business Advisory Council (ABAC) and invited a closer
collaboration. In addition to
working closely with the SME Working Group ABAC has also
started collaborating
with the Human Resource Development Capacity Building
Network, as part of its
outreach. Many issues for small businesses overlap with
capacity building issues.
Ministers recognized the three SME priority areas for the
Working Group for 2003 and the following recommendations:
‧Promoting management
education and skills training for SMEs and Micro-
Finance Institutions by:
Ø
strengthening the APEC Training and Certification for
Small Business Counselors (APEC IBIZ)
Ø
a closer collaboration between the SME Working Group and
other APEC Working Groups such as APEC Human Resource Development Working Group
Ø
sharing best practices, especially through on-line
training and distance learning
Ø
enhancing the management skills within micro-finance
institutions
‧Facilitating access to
information and communications technology for SMEs
and micro-enterprises
by:
Ø
better access to ICT information and advice
Ø
support for investment for ICT
Ø
promoting the adoption of e-commerce
Ø
completing the APEC SME Portal Hub
‧Promoting venture
capital for SMEs by:
Ø
encouraging a policy dialogue on best practices related
to institutions,
policies and regulations
associated with the development of venture
capital
markets
Women’s
Leaders Network (WLN)
50. More than 450
members of the APEC Women Leaders Network met in Chiang Mai
from 30 July to 3 August 2003. Ministers acknowledged the
value of the WLN and the
efforts being made in many APEC economies to encourage
and strengthen women’s
entrepreneurship, and urged member economies to continue
to address socio-cultural
values and gender relations with a view to enhancing and
strengthening women’s
contribution to the global economy.
51. In many APEC
economies women-owned enterprises make up more than half of the
total number of micro-enterprises and SMEs. Economies
should acknowledge the
significant contributions and benefits of women’s
entrepreneurship as noted in the
APEC project on sex disaggregated data.
52. Barriers,
limitations and constraints such as access to markets and finance supply
chains that prevent or lessen full participation among
women in entrepreneurship
should be eliminated. Management and technical training
for women entrepreneurs
should be easily accessible, affordable and available on
flexible terms, maximizing
the opportunities offered by e-learning and new
technologies for skill-building.
Appropriate information systems and technology for rural
and under-served women
should also be encouraged and made available to promote
micro and small
entrepreneurship among women.
53. Ministers supported
the recommendation of the SME Working Group to allow the
WLN to be a guest at future meetings of the Sub-Group on
Micro-Enterprises.
54. Ministers welcomed
private initiatives for international consortia of banks aiming at
raising financial sector competence and awareness
regarding financing of women
entrepreneurs.
55. APEC economies are
encouraged to conduct appropriate research regarding
participation by SMEs and women entrepreneurs in
international trade.
56. Ministers encouraged
APEC economies to compile, analyze and disseminate best
practices specific to women entrepreneurs at various
levels (micro, small, medium as
well as large enterprises), to serve as an inspiration
and provide valuable lessons for
emerging women entrepreneurs.
SME
Business Forum
57. The APEC SME
Business Forum 2003 was held during 4-7 August
Ministers welcomed the participation and recommendation
of the SME Business
Forum that, in order to strengthen entrepreneurship,
policy-makers should focus
resources on an integrated approach, combining human
resource management,
marketing, R&D, and tailored financial assistance.
58. Ministers also
recognized that
promotion – based on the experience of
application in developing an entrepreneurial society,
especially in local areas.
Severe Acute Respiratory Syndrome (SARS) Epidemic
59. The APEC region has
endured the impact of the Severe Acute Respiratory Syndrome
(SARS) epidemic. This disease has not only taken a number
of lives, but has also
resulted in economic volatility in many member economies.
APEC SMEs have been
affected by weakened business confidence, reduced tourism
and travel, and
increased transaction costs. Ministers welcomed the APEC
Action Plan on SARS
and the outcomes of the APEC Health Ministers’ Meeting on
SARS held in
on 28 June 2003. Ministers undertook to do their utmost
to revitalize their economies,
in particular to help SMEs and micro-enterprises,
overcome the difficulties arising
from the outbreak of SARS.
The following archived JPG text is the original, complete version of
the official Joint Ministerial Statement (including Articles 3 and 32)
distributed at the APEC in
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