ASEAN must support SMEs and unite to become the world's SME production hub
Nusa Dua, Bali (ANTARA) - Minister of Co-operatives and Small and Medium Enterprises (SMEs) Teten Masduki has invited ASEAN countries to prevent predatory pricing by strengthening SME digitalization.

"ASEAN must support SMEs and unite to become the world's SME production hub. We must offer opportunities for synergizing the export and import of products, goods, and services among ASEAN countries," he said here on Wednesday.

Speaking at the 6th ASEAN Inclusive Business Summit 2023 in Nusa Dua, Bali, he stressed that ASEAN countries must present accurate data on SMEs.

Increasing digital literacy, ensuring equality in e-commerce, and providing easy access to financing based on credit scoring can strengthen the SME digital ecosystem, he explained.

ASEAN can play a role in improving the capacity and quality of SMEs from the aspects of product to business models, the minister said.

According to Masduki, the region has a huge population, a wide market, abundant natural resources, and tremendous tourism potential.

With its population of 679 million, which accounts for 8 percent of the world's population, the region has a very promising market globally, he said.

However, the promising regional market, which is supported by average economic growth of above 5 percent in several ASEAN countries, makes the region a target of products from countries outside ASEAN, he added.

"Therefore, ASEAN must support SMEs and unite to become the world's SME production hub," Masduki said.

The bloc must present wider access for the export and import of products, goods, and services within the region, he added.

Furthermore, he invited all ASEAN member countries to increase their commitment to realizing an inclusive business ecosystem to ensure that the future generation of young entrepreneurs and SMEs embraces creativity and technology.

"Together, let us imagine a future of inclusive ASEAN business with SMEs as the foundation," he said.

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Translator: Kuntum R, Kenzu
Editor: Sri Haryati
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