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-msmesASEAN 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.
liked-the-post-read-some-more-posts-entrepreneur-sme-asiaIf 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
Guest Bloggers and Contributors Welcome: Would you like to contribute to our all-round small business blog? Please just contact us.

Sitewide-FebBOD-10usd728x90
  1. SME news
    SME news says:

    A major part of the ASEAN economy consists of the SMEs, accounting for between 89% and 99% of total establishments, and between 52% and 97% of total employment in the ten ASEAN Member States (AMSs). These SMEs contribute to each AMS’s GDP between 30% and 53%, with export contribution between 10% and 30% (see SME Developments in ASEAN 2018). Read more here: SMEs as the Backbone of Southeast Asia’s Growing Economy. SMEs make a real contribution to income and employment generation, gender and youth empowerment through their diverse business participation and their widespread presence in non-urban and rural areas.

Leave a Reply