Startups encouraged to adopt BCG economic model
Phuket: Twenty-one Asia-Pacific Economic Cooperation (Apec) users have agreed on an idea to help micro, little and medium enterprises (MSMEs) as well as startups gear up to adopt the bio-circular eco-friendly (BCG) economic model.
Motion plans will be drawn up at the SME Ministerial meeting in the United States next year, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow told the closing program of the 28th Apec SME Ministerial Meeting which ran through Sept 5-10 within this southern island province yesterday.
The meeting happened as a precursor to the full Apec summit within November when twenty one economic leaders will meet in Bangkok.
Mister Supattanapong hopes the particular BCG model may help MSMEs grow sustainably and boost business opportunities as the Covid-19 pandemic subsides.
“The BCG model will help MSMEs to pay attention to the creative economy, innovation and durability to keep the economic climate, society and the environment in balance, ” he said.
It will lead to sustainable business advancement, he added.
“To accomplish the goal, MSMEs and startups require assistance to purchase economic technology or fintech, which refers to the use of new technology or revolutionary business models in the delivery of finance to boost long-term economic growth for MSMEs and startups, ” Mr Supattanapong said.
The particular meeting also agreed to help MSMEs reach more overseas marketplaces by reducing trade costs as well as reinforce the roles of ladies who run MSMEs and startups, this individual said.
The Office of Little and Medium Corporations Promotion director Weerapong Malai said the particular meeting also founded a BCG platform for the region’s industry and investment system.
He or she said more than 98% of businesses in the area are MSMEs, and together they are the reason for 40–60% of Apec’s gross domestic product.
“Helping MSMEs to survive is the key to economic development in the region, ” Mister Supattanapong said.
MSMEs need to rapidly adopt the particular BCG model, so they can begin restructuring debts accrued as a result of the pandemic.
He said the meeting will write a policy and the execution will begin next year.