APEC devises business development strategy

APEC’s summit will take place in Vladivostok in September. Source: Ria Novosti

APEC’s summit will take place in Vladivostok in September. Source: Ria Novosti

23 economies of the Asia-Pacific region have devised a strategy for the development of small and medium businesses.

 

APEC leaders formulated this strategy as they attended a ministerial conference in St.Petersburg within the framework of Russia’s current presidency in the organization. APEC’s summit will take place in Vladivostok in September. 

 

The participants in the conference called for further measures to encourage ties between small and medium businesses in the region. APEC leaders urged their governments and large businesses to support export-oriented and innovative enterprises and young entrepreneurs. Russia’s Deputy Economic Development Minister Vladimir Simonenko said that Russia would take steps guarantee more state support for such businesses. Measures to this effect include subsidizing the initial stages of innovative companies’ operations and allocating funds for recouping losses from the development of new products, the purchase of machinery and equipment, and the introduction of advanced technologies.

 

Vladimir Simonenko comments: "The priorities for the development of small and medium businesses in the Asia-Pacific region comprise measures to promote innovative entrepreneurship, guarantee access to finances, improve business environment, remove trade and investment barriers, and ensure access to markets. Russia has put forward four initiatives – to secure an effective exchange of experience on the basis of technoparks, create a single information base for small and medium businesses, develop youth entrepreneurship, and reduce trade and investment barriers for small and medium businesses."

 

Russia’s APEC partners have welcomed the initiatives, particularly the creation of an information base and the development of youth entrepreneurship. US Under Secretary for International Trade Francisco Sanchez comments.

 

The recommendations concerning the development of small and medium businesses prepared by the participants in the St.Petersburg forum will be submitted as a separate report at the APEC summit in Vladivostok. Their approval by the summit will create additional prerequisites for increasing the competitiveness of small and medium businesses at the global level.

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