Opportunity to Compete Globally
Bambuhay’s success in balancing the need to address climate change and poverty while being able to secure partnerships with multinational companies proved how sustainable business models can provide MSMEs with a competitive economic edge.
Businesses should capitalize on the changes in consumer behavior regarding environmentally and socially responsible products by creating brand differentiation, which will set the business apart from its competitors and create unique selling propositions.
Furthermore, sustainable products can be cost-effective for both producers and consumers. The innovation in the process to produce these products allows for reduced use of resources, increased product durability and longevity, reduced waste and packaging, as well as lower maintenance costs, which in the end, will benefit consumers by increasing affordability.
Therefore, it is imperative that ASEAN, across all sides, whether the public or private sector, work closely together to support and nurture more MSMEs for our economies to grow in tandem with our efforts to conserve the environment.
As we honor the importance of MSMEs and the role that they play in the economy, let us also recognize the challenges that they face, particularly in accessing financing and technology.
By addressing these challenges and creating a conducive environment for MSMEs to thrive, we can unlock their full potential and contribute to sustainable economic growth.
*) Dr. Kao Kim Hourn is the Secretary-General of Association of Southeast Asian Nations (ASEAN)
*) The views and opinions expressed on this page are those of the author and do not necessarily reflect the official policy or position of the ANTARA News Agency
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