APEC SME Ministers Adopt Hanoi Declaration
By Azrol Azmi

Bandar Seri Begawan - APEC SME ministers adopted the "Hanoi Declaration on Strengthening SME Competitiveness for Trade and Investment" at the 13"' meeting of APEC Ministers Responsible for Small and Medium Enterprises in Hanoi, Vietnam, which was held September 28 and 29.

Attending the meet was Minister of Industry and Primary Resources Brunei, Pehin Dato Seri Setia DrAwang Haji Ahmad bin Haji Jumat.

The theme of the meeting was "Strengthening SME Competitiveness for Trade and Investment", a statement issued,by the Ministry of Industry and Primary Resources said.

APEC SME ministers adopted the Hanoi Declaration in view of the Bogor timetable for free and open trade and investments in the APEC region by 2010 for industrialised economies and 2020 for developing economies.

The declaration places importance on specific measures to improve competitiveness, innovation and entrepreneurship, which include enhancing capacity building for enterprises and officials in order to enable firms to take advantage of trade liberalisation.

The declaration also emphasises the need to undertake domestic reforms, which enhance legal and regulatory framework, cut down bureaucracy, invest in infrastructure, remove gender biases, improve labour conditions and fight corruption.

Highlighted in the declaration is building institutional capacities that support the internationalisation of and exports from SMEs, encouraging firms' conformance to international standards for products and services and also exchanging best practises and encouraging enforcement of intellectual property rights.

Brunei Darussalam welcomed the adoption of the Hanoi Declaration, which is consistent with the country's strategy to capitalise on SMEs in diversifying the economy.

Pehin Dato Seri Setia Dr Awang Haji Ahmad added that implementation of the measures identified in the declaration is crucial.

The minister saw APEC as a forum to provide members with opportunities to exchange views, experiences and best practises in giving effect to those measures, where practicable, in each other's economies.

Brunei also welcomed the work done and/or progress achieved in pandemic preparedness for small businesses, private sector development agenda and the Daegu Initiative on SME innovation.

Other measures identified in the Hanoi Declaration were an encouraging collaboration between businesses and government agencies to jointly promote the importance of implementing proactive business strategies for SMEs through leveraging business organisations and other support organisations; enhancing the quality, effectiveness and sustainability of export and investment promotion support institutions; improving the availability of and access to knowledge and financial resources, business resources and business matching platforms and services that SMEs and micro enterprises require for developing new capabilities; and increasing their technological absorptive capacity for both domestic and international trade and investment.

The Hanoi Declaration also calls for the incorporation of business incubation, innovation and entrepreneurship development as integral parts of development strategies of APEC economies and developing higher quality partnerships with representatives of the business community in formulating SME trade and investment promotion policies and strategies.

The meeting was chaired by Minister of Planning and Investment Vietnam, Mr Vo Hong Phuc, while the Prime Minister of Vietnam, Mr Nguyen Tan Dung, delivered the keynote address during the opening plenary session. In his speech, the Vietnamese prime minister stressed the need for the creation of more favourable conditions for SME development in facing the challenges of globalisation.

The next SME Ministerial Meeting will be held in Tasmania, Australia from March 4 till 9, 2007 with the theme "Enhancing the Business Environment for SMEs". It aims to provide opportunities for specific follow-ups on topics such as reducing costs to SMEs through best practice regulation, facilitating business start-ups and encouraging SME innovation.

Brunei's participation in the meetings highlights the country's continuing support and confidence in the APEC SME process as one of the strategies in developing local SMEs as engines of future socio-economic prosperity. Some 98 per cent of Brunei's business establishments are SMEs. -- Courtesy of Borneo Bulletin

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