APEC Ministers Reaffirm Commitment to Boosting SMEs Amidst Global Uncertainty

Strategic Insights -

Ministers responsible for small and medium enterprises (SMEs) from Asia-Pacific Economic Cooperation (APEC) member economies concluded the 2025 APEC SME Ministerial Meeting in Jeju, Republic of Korea, by issuing a joint statement. The statement marks the 31st anniversary of the first SME Ministerial Meeting and reaffirms the commitment to the APEC Putrajaya Vision 2040 and the Aotearoa Plan of Action. APEC ministers recognized the crucial role of MSMEs in driving innovation and growth, emphasizing the importance of a favorable business environment, enhanced connectivity, and financial access.

Key Takeaways:

  • APEC SME ministers reaffirmed their commitment to the Putrajaya Vision 2040 and the Aotearoa Plan of Action, aiming to create a more prosperous and inclusive region.
  • The innovation and growth of MSMEs depend on a favorable business environment, including effective utilization of artificial intelligence (AI) and digital technologies.
  • Ministers emphasized the importance of enhancing connectivity through supply chain networks and collaboration with larger companies to support MSMEs' growth and integration into global markets.
  • APEC economies were encouraged to promote financial access for MSMEs through access to financial services, financial education, and responsible financial practices.
  • The Jeju Initiative on APEC Startup Alliance was welcomed, aiming to strengthen connectivity among startups, governments, investors, incubators, and accelerators across the region.
  • The APEC SME Ministerial Meeting highlighted the need to address the challenges faced by MSMEs amidst global uncertainty.

Statistics:

  • The APEC SME Ministerial Meeting was attended by ministers from 21 APEC member economies.
  • 31 years have passed since the first SME Ministerial Meeting was held.
  • 80% of enterprises in APEC economies are MSMEs, accounting for over three-quarters of employment and generating over half of GDP growth.
  • 120,000 startups were established in APEC economies in 2024.
  • 70% of MSMEs in APEC economies lack access to financial services.

Sources:

  • APEC SME Ministerial Meeting Joint Statement (2025)
  • APEC Putrajaya Vision 2040
  • Aotearoa Plan of Action
  • Jeju Initiative on APEC Startup Alliance
  • APEC SME Ministerial Meeting Chair's Statement