RI urges APEC plan on new financing

RI urges APEC plan on new financing

JAKARTA (JP): Indonesia has urged members of the Asia Pacific Economic Cooperation (APEC) forum to formulate a new financing scheme to support small and medium-scale businesses looking for sustainable economic growth in the region.

"I put forth the proposal at the APEC meeting of ministers and senior officials in Osaka, Japan, last week," Minister of Trade Tunky Ariwibowo told reporters after meeting with President Soeharto at the Bina Graha presidential office yesterday.

Tunky, together with Minister/State Secretary Moerdiono yesterday reported to the President on the results of the Osaka meeting held on Oct. 22 and Oct. 23.

During the APEC meeting, Tunky said, Indonesia called for the region's developed countries to provide more aid for small and medium-sized businesses to enable them to deal with the possible relocation of industrial plants which no longer have a competitive edge in developed countries.

Promotion

He said that APEC's members should also support the promotion of the use of high-quality components produced by small and medium-scale companies of developing countries for the global machinery industry.

"I would say that once developing countries are capable of producing components of high quality they will have better access to the world's machinery industry," he said.

Tunky, who was the head of the Indonesian delegation in the APEC meeting in Osaka, said he also suggested that the advanced and developing countries promote cooperation in the venture capital business.

He said capital markets and financial institutions should have special programs to help small and medium-sized companies develop their businesses.

The two-day meeting ended with a commitment to promote studies on regional interdependence, more open trade and deregulation for small businesses, high attention on environment ethics, human resources development and technology cooperation.

Agreements reached at the Osaka conference will be reported at the second APEC informal summit in Bogor, south of here, on Nov. 15, Tunky said. (fhp)