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APEC business council prioritises MSMEs, sustainability in recent summit

The Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) concluded its three-day summit in Cebu City, Philippines, emphasizing the crucial role of Micro, Small, and Medium Enterprises (MSMEs), women, and Indigenous entrepreneurs in economic growth. ABAC Chair Dominic Ng stated that the council has developed a “dynamic toolkit” to enhance supply chain resilience, particularly for small businesses. ABAC stressed climate change's integration into all economic growth plans, considering recent heatwaves in North America. The council seeks a balance between environmental preservation and MSME support, while promoting renewable energy and carbon capture technologies. ABAC's recommendations, including digitisation and cybersecurity strategies for MSMEs, will be presented to APEC leaders in November in San Francisco, California.


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