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Invitation Program for Young Leaders of the FEALAC Member Countries, SMEs (Small and Medium Enterprise) Promotion and IT

10 SUGGESTIONS FROM YOUNG LEADERS

  1. Develop a united FEALAC members web portal to include the following:
    • Leads on IT tools (made available on the website)
    • Online and face-to-face IT training for SMEs to enhance financial skills
    • A database of IT providers
    • Market metrics, standardized indicators for all FEALAC countries and an optimized matching system
    • A database on SME-related regulation, and law, with the aim of creating an enabling legal framework for SMEs
    • A business information database controlled by government agencies, including linking virtual gallery and e-commerce sites
    The portal should include reference to the ASEAN+3 SME Network which aims to provide web-based information in Southeast Asia and far-eastern countries. The network is currently managed by Republic of Korea.
  2. Provide basic IT infrastructure that SMEs need to be competitive in the global economy (power, broadband)
  3. Encourage more inter-FEALAC business rounds, trade conventions, industry-related trade shows and business matching forums
  4. Improve enterprize education and the promotion of local and international best practice including:
    • A promotion and education plan for SMEs, to be carried out by individual FEALAC countries
    • Sharing of case studies, practical experiences of companies, and Best Practice from both the Government and Private sector, including workplace productivity
    • Encouraging links between research providers (academe) within FEALAC countries
    • Enhancing long distance learning including the creation of a virtual incubator and entrepreneurship development
  5. Strengthen the role of private national and local (intermediary) organizations in SME promotion, such as Chambers of Commerce
  6. Map SMEs and SME organizations and networks, including highlighting national or local focal points in FEALAC countries
  7. Encourage the sharing, and movement of entrepreneurs and skilled workers in FEALAC countries (database)
  8. Each FEALAC country establish an action plan to improve access to finance for SMEs:
    • Establish a website on financing information for SMEs as a 'one-stop shop'
    • Encourage knowledge transfer to promote best practice among financial institutions and improve financial products for SMEs
    • Create a FEALAC fund for SMEs, or look at existing Overseas Development Funds that can support FEALAC SMEs
    • Establish programs to provide tax relief or rebates for SMEs that invest in IT for their businesses
  9. Commission a feasibility study on the role of FEALAC in promoting economic development opportunities in the region. The study will inform the creation of a possible FEALAC SME Working Group
  10. Establish a FEALAC Young Leaders network to encourage continued information exchange
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