ASEAN Small Business and SMEs. Small- and medium-sized enterprises are an important driver for job creation and economic growth in the ASEAN region. As the ASEAN Economic Community (AEC) moves towards a higher level of market integration, new perspectives are opening for these firms. Innovative and high-growth SMEs, in particular, have an opportunity to transform their business. To help SMEs fully tap these new possibilities, the 10 ASEAN member countries: Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam are taking steps to stimulate SME growth. The ASEAN SME Agencies Working Group (SMEWG) is the ASEAN body responsible for SME development and promotion in ASEAN. Its membership is composed of the representatives from all SME Agencies of all AMS.
ASEAN Micro, small and medium enterprises (MSMEs)
ASEAN Micro, small and medium enterprises (MSMEs) make up more than 90 per cent of all domestic firms and 75-90 per cent of the non-agriculture workforce. MSMEs provide the supplier basis which supports the success and productivity of large international corporations and is, therefore, an essential foundation of their operations. However, despite their economic importance, MSMEs in ASEAN face significant structural, fiscal and non-fiscal issues and challenges. These Micro, small and medium enterprises are important in terms of income and employment generation, gender and youth empowerment through their diverse business participation and their widespread presence in the non-urban and rural areas. SMEs are thus the backbone of ASEAN and SME development is fundamental towards achieving long-run and sustainable economic growth and narrowing the development gap.
ASEAN Entrepreneurs, SME’s and Small Business Blog
Small Business Ideas. Please also visit our Asia Entrepreneur & Small Business Blog for other regional entrepreneur information.
If you liked this post, you may also be interested in reading:
– ASEAN Startup Community
– ASEAN Business Opportunities
– Doing Business in ASEAN Nations
– ASEAN Entrepreneurs, Forbes 30 under 30 List 2019
– ASEAN Entrepreneur Business Ideas SME, Home-Based & Internet
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