January 24, 2021

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ASEAN 2017 MSME Development Summit: The 7Ms Towards Shared Prosperity in ASEAN

The Philippines is now taking the helm in chairing the ASEAN 2017, eleven years after its last Chairmanship in 2006. The year 2017 also marks ASEAN’s 50th anniversary. Bearing the theme “Partnering for Change, Engaging the World,” the country shows its commitment to unite the ASEAN Community for its people with the sense of togetherness and common identity, ready and able to take its rightful place in the global community of nations.

ASEAN 2017will highlight the ASEAN as a model of regionalism and a global player, with the interests of the people at its core. As Chair, the Philippines will champion six (6) priority thematic priorities which encompass political, economic and socio-cultural aspects of the ASEAN. For the ASEAN Economic Community’s (AEC) priority of “inclusive, innovation-led growth,” the Philippines is championing strengthened roles for micro, small and medium enterprises (MSMEs) in the integrated ASEAN regional economy, as it advances the region-wide thrust toward AEC 2025.

MSMEs comprise the bulk of enterprises in ASEAN’s aggregate regional economy, accounting for over 90% of all the domestic firms and 75-90% of the non-agricultural workforce. They are assuming increasing significance in the regional integration process, being active in multiple spheres of economic activity. MSMEs provide the supplier base that underpins the success and productivity of large international corporations and are therefore an essential foundation of their operations. However, their development continues to face difficulties in the form of structural, fiscal, and non-fiscal issues and challenges, including credit availability, proper information dissemination, and standards compliance among others.

In this regard, the Department of Trade and Industry is organizing the ASEAN 2017 MSME Development Summit: The 7Ms Towards Shared Prosperity in ASEAN happening on July 14, 2017 at the Philippine International Convention Center (PICC) in Manila in order to place the MSMEs at the forefront of the regional agenda. The Summit aims to inspire and inform participants, particularly small entrepreneurs, on wider opportunities in the AEC and on government initiatives in support of MSME development.

The ASEAN 2017 MSME Development Summit will serve as a platform in bringing together the MSMEs, private sector, government, and other stakeholders from the ASEAN Member States and consolidate their full engagement and support of initiatives toward asserting MSMEs as driver for inclusive growth within the context of closer regional economic integration fostered by the ASEAN Economic Community.

In advancing the development and strengthening of MSMEs and mainstreaming the MSMEs in the AEC agenda, the Philippine government, through the Department of Trade and Industry, pursues a seven-point strategy summed up in 7Ms. Namely, these are Mindset, Mastery, Mentoring, Markets, Money, Machines, and Models.

With the theme, The 7Ms Towards Shared Prosperity in ASEAN,” the Summit aims to gather insights from thought leaders and experts addressing the 7Ms that sum up the elements of the approach and framework for enabling and fostering the country’s small enterprises.

The Summit will place the interests of MSMEs at the center of the AEC agenda and putting together the MSME advocates, mentors, enablers and business experts from the ASEAN region who can help develop, handhold, and empower the MSMEs and spread the economic fruits of the AEC dream.

For more information, please call (02) 897-7596 or (02) 751-0384 loc. 2655 or email asean2017MSMESummit@gmail.com