At the 6th ASEAN Inclusive Business’ Summit held in the Indonesian resort island of Bali on August 23, a significant commitment was voiced. ASEAN is dedicated to creating a supportive environment for inclusive businesses to trade, grow and innovate, aiming to boost the region’s socio-economic progress.
“We uphold the commitment to fostering an ASEAN economic community that is resilient, inclusive people-oriented, and integrated with the global economy,” said a joint statement.
The ASEAN ministers championing the cause of micro, small and medium enterprises (MSMEs) expressed their dedication. They intend to back MSMEs that are globally competitive, innovative and resilient, as detailed in the ASEAN strategic action plan for SME development 2016-25.
Moreover, they highlighted the symbiotic relationship between the ASEAN Community Vision 2025 and the UN 2030 agenda for sustainable development. The goal is to enhance the living standards of citizens across the ASEAN region.
The statement underscored the pivotal role of MSMEs in the ASEAN economy.
“MSMEs are crucial in achieving sustainable development goals. They drive economic growth, stimulate innovation, create jobs and alleviate poverty,” it read.
The statement further highlighted the susceptibility of MSMEs and economically marginalised individuals to crises, be they natural or economic.
The solution proposed is empowerment through regulatory support, capacity building, market access, financial provisions and advisory services.
In the realm of private business, the ministers acknowledged the critical role of both large corporations and MSMEs.
They stressed the importance of robust public-private partnerships in realising a resilient and inclusive ASEAN community and meeting sustainable development objectives.
It also emphasised the potential of the private sector.
“From MSMEs to larger corporations, all play a vital role in promoting inclusive, sustainable development. This is particularly true for inclusive businesses that create jobs for the underprivileged and provide affordable goods and services,” it said.
The inclusive business model, it noted, benefits governments, businesses and the economically disadvantaged, especially MSMEs. It seamlessly merges economic, commercial and social goals.
The ministers lauded the ASEAN coordinating committee on MSMEs. Their relentless efforts in promoting inclusive businesses – be it through learning opportunities, networking, skill development or financial access – were acknowledged and praised.
The ministers have pledged to explore the potential of a regional fund that aims to provide grants intended to bolster inclusive and sustainable socio-economic development throughout the member states of ASEAN.
They also commit to strengthening ties with a range of partners. This includes collaboration within ASEAN, its external allies, the private sector, universities, non-profits, global organisations and banks to help MSMEs overcome challenges.
