Small and Medium Enterprises Ministers to set Innovation Action Plan

APEC Small and Medium Enterprises (SME) Ministers will agree on an innovation action plan to enable SMEs to adapt to changes in the global economy when they meet in Daegu, Korea, this week.

The 'Daegu Initiative on SME Innovation Action Plan' will provide guidance for the development of government policy in APEC Member Economies to overcome obstacles faced by small and medium enterprises.

Korea's Minister responsible for Small and Medium Enterprises, Mr. Sung-Jin Kim, said innovation is the driver of economic growth in the modern economy and there is no reason why SMEs should not be a part of this growth.

"Small business is a master of innovation, but to be truly successful governments have to facilitate the right environment where SMEs can truly prosper," Mr. Kim said.

"SMEs are the largest employers in our region. With the right support SMEs can capitalise on international opportunities to make an even greater contribution to regional economic stability.

"The Daegu Initiative on SME Innovation Action Plan will clarify actions that are needed from governments to ensure SMEs are able to capitalize on change."

Mr. Kim said the Daegu Initiative builds on the achievements of previous SME Ministerial Meetings by seeking to establish a formal set of standards for promoting SME innovation.

"The Daegu Initiative will lead to a series of action benchmarks for APEC Member Economies to achieve.

"As the host of the 2005 APEC SME Ministerial Meeting, Korea has made the achievement of concrete deliverables for SME innovation a priority for this meeting."

In the lead-up to the SME Ministerial Meeting a number of supporting events are taking place that will draw ministers' attention issues including the development and the growth of micro enterprises. There will also be a number of forums for SMEs from around the region to showcase achievements and share experiences relating to SME development in the Asia-Pacific.

Additional details are available at: www.2005apecsme.org