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Policy Guidebook for SME Development in Asia and the Pacific

image of Policy Guidebook for SME Development in Asia and the Pacific
As drivers of economic growth and prosperity, small and medium enterprises (SMEs) play a key role in economic development. However, the SME sectors of developing Asia-Pacific economies face issues (both general and nation-specific) that hinder their growth. There is a strong need to tackle such issues while taking into account the variety of experiences, policies and programmes of different countries. Covering major SME constraints — business enabling environment, entrepreneurial culture, access to finance, innovation and technology adaptation, business development services, and market access — this publication proposes public policy guidelines with an aim to develop a vibrant SME sector. It serves as a training manual for entrepreneurs, trainers as well as business associations for SME capacity building.

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Market access

One of the most crucial challenges facing SMEs in Asia-Pacific countries is how to create new business (and, therefore, investment) opportunities in regional and global markets. In small economies with a limited domestic market, exports play a crucial role in stimulating economic growth and rapid socioeconomic transformation. SMEs supplying competitive products and services, with greater potential for backward and forward linkages, could contribute substantially to exports and, hence, to higher national income and overall socioeconomic progress. Therefore, development of export-led SMEs should be an important part of any national economic development strategy.

English

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