Leading International Organisations to Lend Support to Region's Smallest Businesses

Representatives from some of the world's most influential international organizations, including the International Financial Institutions(IFIs) and the OECD, will meet with APEC officials today to help small and micro enterprises gain better access to market economy.

The 'APEC/IFIs Policy Dialogue on Economic and Technical Cooperation' will share regional experience and seek new policy proposals to be implemented in APEC Member Economies.

To be held in Gyeongju, Korea, the dialogue will meet under the theme of 'Towards Equitable and Shared Prosperity.'

Chair of the meeting, Ambassador Juan Carlos Capuñay, said the dialogue will identify areas where these organisations' experience and expertise can help small and micro enterprises in APEC to gain better access to market economy.

"The dialogue will develop practical solutions for empowering and promoting Small and Medium Enterprise and Micro-Enterprise innovation through increasing access to formal sector finance," Ambassador Capuñay said.

"Too often we find that small businesses do not have the capacity to prepare a proposal to obtain finance from a bank. At the same time banks are often not in a position to lend money because they do not have an understanding of the activities or potential of these small businesses.

"We want to help both banks and small businesses to better understand how the other works and then start doing more business together.

"We hope this Policy Dialogue will repeat the success of the First Dialogue in 2003 that established a working relationship between APEC and the World Bank's Global Development Learning Network. Following the first dialogue initiatives were launched in areas such as counter-terrorism capacity building and addressing the social dimensions of globalization."

Ambassador Capuñay said the Second Dialogue, hosted by the SOM Committee on Economic and Technical Cooperation (ESC) will include representatives from the World Bank, the Asian Development Bank and Organization for Economic Co-operation and Development.

The ESC assists the APEC agenda Economic and Technical Cooperation (ECOTECH) through the development of capacity building projects that are implemented in Member Economies. These projects cover a range of research and teaching areas to impart skills that are in demand in developing areas.