President Ferdinand R. Marcos, Jr. on Wednesday urged member states of the Association of Southeast Asian Nations (ASEAN) to provide support to nano businesses.
He noted while nano businesses or “solopreneurs” are largely unaccounted for, they constitute a large portion of the economy of a country.
The said sector include make-up artists, vulcanizers, independent dispatch riders, vendors, repairers, and market women and men.
“They play a very important but often unrecognized role all across our countries. But by classification, they often do not meet the MSME (micro, small and medium enterprise) micro-business criteria, which is the category for the smallest businesses,” Marcos said his intervention during the ASEAN Leaders’ Interface with Representatives of the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC).
The President ASEAN states can help encourage economic growth and narrow the development gap in their jurisdictions by supporting their nano enterprises.
As of 2021, ASEAN has the fifth largest economy in the world in 2021 with US$3.3 trillion of combined gross domestic product (GDP).
The Presidential Communication Office (PCO) said the appeal of the President was backed by no less than chair of the ASEAN Business Advisory Council (ASEAN-BAC) and the Indonesian Chamber of Commerce and Industry (KADIN) Mohammad Arsjad Rasjid Prabu Mangkuningrat.
In his speech at the ASEAN-BAC, Marcos advocated the use of “smart agriculture and food systems” to ensure food security as well as mainstreaming of digital solutions.
“We must capitalize on such assets as e-commerce and digitalization to advance the trade agenda, enhance cross-border trade, and foster economic integration,” Marcos said.
The ASEAN-BAC was part of the 42nd ASEAN Summit and Related Summits in Labuan Bajo, Indonesia.