Amidst current globalization trend and regional economic connectivity, each APEC member should be aware of the significance of becoming part of the global supply, production and value chains, said a Ministry of Industry of Trade official.
The statement was made by Luong Hoang Thai, head of the ministry’s Multilateral Trade Policy Department at a conference on APEC policies on the support industry in Nha Trang city, the southern province of Khanh Hoa on February 23 as part of the ongoing first APEC Senior Officials’ Meeting (SOM).
With different economic growth levels and scales, they should define their own support industry to suit their specific development situation, he said, stressing that the support industry’s sustainable growth creates jobs, strengthens technology transfer and reinforces internal strength of each economy, especially developing ones with increased demand for production, he held.
APEC has succeeded in forming a channel for member economies to join hands in improving their capacity and making full use of opportunities and benefit of the globalization to serve the growth of each member and the stability and prosperity of the region, said Thai.
Thai noted that over the past years, APEC has focused on boosting extensive regional economic connectivity and integration, thus motivating member economies to join deeply in the global chains of production, supply and value.
This has also helped strengthen the connection among regional economic institutions as well as the growth of industries and services supporting economic development of each member, said Thai.
He noted that APEC has set up a reliable supply chain and improved the effectiveness of the chain by 10 percent in 2015, while backing businesses, including micro-, small- and medium-sized enterprises (MSMEs), to actively participate in the chain, and enhancing the competitiveness of member economies.
Participants at the event sought ways to enhance capacity of each APEC member in boosting the support industry, thus creating favourable conditions for regional trade and investment as well as the engagement of MSMEs in the global value chains.
They also discussed a wide range of issues related to the linking of policymakers and management officials in building a competitive and modern support industry, the building of policy guidelines and good practices in the field.
Last year, APEC approved an initiative to develop APEC support industry co-chaired by Vietnam and Japan, during which, a model research was launched in Australia, Mexico and Vietnam and policy guidance and good regulatory practice in support industries will be built for submission to the AMM 29 in Da Nang city in November.
Source: VNA