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.