SMEs deserve special attention in Asean, says Muhyiddin
Bernama, Malaysia
SMEs Deserve Special Attention In Asean, Says Muhyiddin
24 May 2008
KUALA LUMPUR, May 24 (Bernama) — International Trade & Industry Minister Tan Sri Muhyiddin Yassin said Saturday night that small & medium enterprises (SMEs) deserve special attention in Asean as they are the backbone of the economies of all the member states.
"The SMEs, whether in the manufacturing or services sectors, contribute significantly to the realisation of the long-term competitiveness of our economies," he said at the Formation Dinner of the Asean Retail Chain & Franchise Federation here.
"As such, it is imperative that focus be given to enhancing the competitiveness of the SMEs in facilitating investment opportunities, as well as encouraging greater use of technology to enable SMEs to contribute even more significantly to the supply chain, whether domestic or global."
Muhyiddin said the real challenge is also for Asean companies to go beyond the region to the global markets.
"Asean companies must also be able to position themselves to reap the benefits of Asean’s free trade agreement (FTA) engagements and continue to seek greater market access via these FTAs," he added.
He said Asean has done well in reducing and eliminating import duties to allow for free movement of goods.
For example, he said, the Asean Economic Ministers are very mindful of the barriers to trade in services, a sector where huge business potentials have yet to be fully tapped within the region.
"Time lines for liberalisation and elimination of barriers to trade in services in Asean are also incorporated in the Asean Economic Community (AEC) blueprint," he pointed out.
Asean’s foreign direct investment flows from 2002 to 2006 totalled US$170.8 billion, with the highest inflows registered in 2005 at US$52.4 billion.
Asean’s global trade in 2007 is estimated at US$1.7 trillion with intra-Asean trade recording US$387 billion.
