APEC Osaka meet aimed at fostering small firms

APEC Osaka meet aimed at fostering small firms

TOKYO (Kyodo): Trade ministers from countries of the Asia-
Pacific Economic Cooperation (APEC) forum will meet in Osaka on
Oct. 22-23 to discuss ways to foster "supporting industries" in
the area, Japanese trade ministry officials said yesterday.

The general perception in the 17-member APEC is that small
companies could play a key role in achieving sustained economic
growth in the Asia-Pacific region, the officials said.

The coming ministerial meeting on small firms, the first of
its kind by APEC, will explore ways to overcome various hardships
facing such companies, ranging from backwardness in human
resources and technological development to difficulties in
raising money, the officials said.

The conference is based on a Japanese proposal for reinforcing
a policy dialogue on development of small companies in the Asia-
Pacific region, which was unveiled at the informal summit meeting
of APEC in Seattle last November.

Japanese International Trade and Industry Minister Ryutaro
Hashimoto will chair the Osaka gathering, which will draw trade
and economic ministers from the 17 APEC members and Chile, a
country that will become an APEC member soon.

Representatives from the private sector will also attend,
including those from Osaka-based small companies and the Pacific
Business Forum, an APEC suborgan.

Development of supporting industries is important, especially
for economies of developing countries and newly industrializing
economies of Asia, in terms of job creation and improvement in
international balances of payments, the officials said.

Japan, the United States and Australia say one key to solving
employment problems in the Asia-Pacific area is linked to how new
business could be created among small companies there, the
officials said.

The coming Osaka meeting will begin with Japanese trade
minister Hashimoto's keynote address on Oct. 22.

The first-day will center around a banquet that Hashimoto will
host and bilateral meetings among the APEC countries, the
officials said.

Discussions are slated for the second-day session of Oct. 23,

The ministers will adopt a joint statement at the end of the
gathering.

Agreements reached at the conference will be reported to the
second APEC informal summit in Bogor, Indonesia, on Nov. 15, the
officials said.