Press Releases

DG of Trade & Industry welcomes the outcomes of APEC SME Ministerial Meeting
Thursday, August 30, 2001

The 8th Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises (SMEs) Ministerial Meeting (the Meeting) was successfully concluded today (30 August). The Meeting discussed proposals for helping SMEs in the Asia Pacific region to rise to new challenges in the new and knowledge-based economy, particularly in the areas of "advancing technological innovation", "facilitating financing", and "improving the environment for SME development".

Director-General of Trade and Industry, Mr Joshua Law, who led the Hong Kong, China delegation, welcomed the outcomes of the Meeting. "The Meeting has facilitated cross fertilisation of ideas on measures to help SMEs to develop and remain competitive. It has also fostered regional cooperation with a view to helping SMEs to build up capability, access information, upgrade technological know-how, and expand markets," Mr Law said.

At the Meeting, Ministers acknowledged the importance of helping SMEs enhance technological innovation through co-operation, and sharing of information and resources; access finance through enhancing SMEs' financial transparency and identifying new financing channels; and creating a favourable business environment conducive to starting and developing businesses. Also, they undertook to take further efforts both at home and through APEC cooperation to strengthen support to SMEs in these aspects.

New and on-going programmes endorsed by Ministers include the US-initiated Voluntary Visitor Programme for APEC SME Officials which aims to strengthen experience sharing among government officials on SME support, the Business Partnership Initiative for SMEs which aims to facilitate business matching between enterprises in the US and other APEC member economies, and the organization of an International Cooperation Forum on Innovative Management Skills by Russia.

The Meeting took note of the SME support programmes of individual APEC member economies, and the recommendations put forward by the APEC SME Business Forum and the Women Leaders' Network Meeting. It also took stock of a series of SME-related activities and action plans undertaken by the various APEC fora.

Commenting on the Business Partnership Initiative, Mr Law said, "Globalisation, advance in information technology, and increasing demand from customers have made it possible for companies around the world to carry out global sourcing of goods and services. If SMEs want to remain competitive in the new economy, it will be necessary for them to form strategic partnership with overseas SMEs and large corporations. The Business Partnership Initiative will facilitate APEC SMEs to form business partnership, initially with US companies and ultimately with big and small enterprises of other member economies as well."

The Hong Kong Trade Development Council is already liaising with the US Chamber of Commerce, which is the implementation agent of the programme in the US, to explore the feasibility of jointly launching the programme in Hong Kong.

Responding to a media question at the 8th APEC SME Ministerial Meeting Press Conference, Mr Law said that China's accession to the World Trade Organization would provide tremendous opportunities for SMEs in Hong Kong. "First, Hong Kong SMEs can exploit the vast domestic market in the Mainland which will gradually be liberalized. Secondly, Hong Kong SMEs can serve as attractive strategic partners for overseas companies seeking to do businesses with the Mainland, and for Mainland companies seeking to expand overseas. I am confident that SMEs in Hong Kong will make use of their niche to take full advantage of the new opportunities ahead," he said.