APEC Ministers Commit to Boosting SMEs Resilience Amid Global Uncertainty

Ministers responsible for small and medium enterprises (SMEs) from across the Asia-Pacific convened in Jeju and underscored their commitment to strengthening SMEs, which make up around 97 percent of businesses that underpin jobs, innovation and inclusive economic growth.

Opening the 31st APEC Small and Medium Enterprises Ministerial Meeting, Han Seong-sook, Minister of SMEs and Startups of the Republic of Korea, underscored the urgency of collective action. “Today, SMEs are not only key players in our economies, but also a driving force for inclusive and sustainable growth.”

“These small businesses create jobs, drive innovation, and provide the foundation for resilience in each of our economy. However, they face numerous challenges, from an uncertain global economy, rapid technological change and the escalating climate crisis,” Minister Han said.

“At such a critical juncture, this meeting must become a practical forum for actively addressing these challenges in the years ahead.” she added.

SMEs provide employment opportunities for more than 950 million people across the region. Over the past decade, they contributed more than 60 percent of net employment growth in half of the region’s economies, with several members reporting that SMEs were responsible for nearly all new jobs created.

Ministers advanced the discussion by outlining three regional priorities: fostering innovative growth through emerging technologies such as artificial intelligence and digital transformation; driving sustainable growth with policies that help SMEs adapt to climate change and demographic shifts; and promoting inclusive growth by enhancing connectivity and expanding access to regional and global markets.

The APEC Business Advisory Council (ABAC) presented its recommendations to Ministers, emphasizing the role of the private sector in supporting digital inclusion, financing for growth and integration of SMEs into global supply chains. ABAC members also updated ministers on preparations for the APEC CEO Summit 2025 in Gyeongju, where business leaders will exchange views with ministers and leaders on strategies to strengthen resilience and growth across the region.

Eduardo Pedrosa, Executive Director of the APEC Secretariat, reinforced the importance of practical outcomes for the region’s entrepreneurs.

“Representing over 97 percent of businesses and employing most of our people, SMEs sit at the heart of our economies,” Pedrosa said. “That is why APEC has invested nearly USD14 million in 120 SME-focused projects since 2019, supporting digital transformation, skills development, and new pathways for growth. These initiatives are helping SMEs build the capacity to thrive in an era of disruption,” he added.

From policy forum to startup launchpad, the meeting was preceded by a week-long showcase of how small businesses are shaping the region’s future. More than ten side programs drew over 14,000 visitors and are expected to surpass 20,000 participants overall, featuring products ranging from beauty innovations to cutting-edge AI tools that help surgeons operate at the microscopic level. This underscores how local ecosystems can propel SMEs toward global competitiveness and sustainable growth.