A Blue Print for driving Economic Growth and advancing MSMEs

By Deepa Srivastava --
Wednesday, 22 May, 2024

Taguig city, PHILIPPINES — During the plenary discussion held at the recently concluded 6th Indo-Pacific Business Forum (IPBF) on May 21, IPEF SME Network was launched as a part of IPEF umbrella. Ms Sushma Morthania, Director General India SME Forum, represented India as the founding stakeholder.The framework was launched with fourteen participating founding member nations including India, in the Indo Pacific region with an open invitations for other countries to join.

We welcome mutually beneficial economic ties with our Indo-Pacific partners that can boost our participation in global value chains, attract more foreign direct investment, and sustain our economic growth trajectory,” said Secretary Pascual. The Philippines offers a strategic location to tap into Southeast Asia’s emerging economies with a market of over 600 million consumers. Ranked among the fastest-growing economies in Asia, the country also boasts a 5.5% gross domestic product increase and a steady rise in foreign direct investments for four consecutive months in 2023.

Earlier, in a pivotal move to boost economic growth and innovation, Department of Trade and Industry (DTI) Secretary Fred Pascual presented the blue print for advancing Micro, Small, and Medium Enterprises (MSME) Development Plan 2023-2028. The newly unveiled plan represents the fourth iteration of the national MSME strategy, which continues a legacy of structured economic support through the integration of contemporary digital solutions. Under the direction of President Marcos Jr., the DTI has been tasked with embedding artificial intelligence (AI) and digital technologies in the plan to fortify MSME capabilities, helping them comply with and excel within the rapidly evolving technological landscape.

The Philippine government goes beyond offering investment opportunities—it provides a supportive partnership. We will be with you throughout your journey. From initial setup to ongoing operations, potential Indo-Pacific partners will receive on-the-ground assistance and access to valuable government resources and networks,” said the DTI chief as he reaffirmed the administration’s support to foreign investors.

Co-hosted by the U.S. Trade and Development Agency (USTDA), the Government of the Philippines, and the US Department of State, the 6th IPBF served as a platform to showcase investment opportunities, economic potential, and ongoing development projects that strengthen the Philippines’ leadership in the Indo-Pacific.

A Blue Print for driving Economic Growth and advancing MSMEs. Taguig city, PHILIPPINES — During the plenary discussion held at the recently concluded 6th Indo-Pacific Business Forum (IPBF) on May 21, IPEF SME Network was launched as a part of IPEF umbrella. Ms Sushma Morthania, Director General India SME Forum, represented India as the founding stakeholder.The framework was launched with fourteen participating founding member nations including India, in the Indo Pacific region with an open invitations for other countries to join.

We welcome mutually beneficial economic ties with our Indo-Pacific partners that can boost our participation in global value chains, attract more foreign direct investment, and sustain our economic growth trajectory,” said Secretary Pascual. The Philippines offers a strategic location to tap into Southeast Asia’s emerging economies with a market of over 600 million consumers. Ranked among the fastest-growing economies in Asia, the country also boasts a 5.5% gross domestic product increase and a steady rise in foreign direct investments for four consecutive months in 2023.

Earlier, in a pivotal move to boost economic growth and innovation, Department of Trade and Industry (DTI) Secretary Fred Pascual presented the blue print for advancing Micro, Small, and Medium Enterprises (MSME) Development Plan 2023-2028. The newly unveiled plan represents the fourth iteration of the national MSME strategy, which continues a legacy of structured economic support through the integration of contemporary digital solutions. Under the direction of President Marcos Jr., the DTI has been tasked with embedding artificial intelligence (AI) and digital technologies in the plan to fortify MSME capabilities, helping them comply with and excel within the rapidly evolving technological landscape.

The Philippine government goes beyond offering investment opportunities—it provides a supportive partnership. We will be with you throughout your journey. From initial setup to ongoing operations, potential Indo-Pacific partners will receive on-the-ground assistance and access to valuable government resources and networks,” said the DTI chief as he reaffirmed the administration’s support to foreign investors.

Co-hosted by the U.S. Trade and Development Agency (USTDA), the Government of the Philippines, and the US Department of State, the 6th IPBF served as a platform to showcase investment opportunities, economic potential, and ongoing development projects that strengthen the Philippines’ leadership in the Indo-Pacific.