13/11/2015 15:04 GMT+7 Email Print Like 0

APEC high level dialogue on inclusive business opens in Philippines

Hanoi, November 13 (VNA) –The high level dialogue on inclusive business of the Asia Pacific Economic Cooperation (APEC) forum opened in Manila, the Philippiness on November 12, bringing in 200 leaders from the public and private sectors in 21 APEC economic member countries.

The Philippines’ Undersecretary Department of Trade and Industry Adrian Cristobal Jr. said the dialogue focused on promoting general knowledge on inclusive business among APEC economies, particularly when Peru assumes the APEC chair in 2016 from the Philippines.

Inclusive business promotes a new form of business that directly and sustainably benefits low-income communities.

On the same day, APEC launched an initiative that would make financial services accessible to more micro, small and medium enterprises (MSMEs).

According to Philippines Minister of Finance Cesar Purisima, the Financial Infrastructure Development Network (FIDN) is a network that bring together experts from the public and private sectors, including international organisations and industry associations, to support APEC economies in undertaking financial infrastructure reforms. It was started in Makati City.

Purisima said while MSMEs contribute to over 60 percent of total employment among the APEC economies, about 40 percent of the financing needs of this sector have not been served.

The establishment of FIDN under the Cebu Action Plan (CAP) is a pathway to a more substantial finance future for the Asia-Pacific region.

FIDN was established as a specialised subgroup in the Asia Pacific Financial Forum to promote an enable financing environment for micro, small and medium enterprises to improve the sector’s access to finance.
VNA/VNP