The U.S. Agency for International Development (USAID) and the US-ASEAN Business Council signed a Memorandum of Understanding (MOU) to create the US-ASEAN Business Alliance for Competitive Small and Medium Sized Enterprises (SMEs). The Business Alliance will combine the efforts of USAID and major U.S. corporations to boost competitiveness and develop the capacity of SMEs in the ASEAN region. The Business Alliance will use training programs, mentorship opportunities, and cloud technology to support SMEs in five key areas: access to finance, access to regional and international markets, human resource development, access to information and advisory services, and access to technology and innovation. SMEs are the backbone of the ASEAN economy accounting for more than 96 percent of all enterprises, while employment is somewhere between 50 to 95 percent in many ASEAN member states. Strengthening the capacities and capabilities of SMEs in the ASEAN region are among the highest impact interventions that can be made to accelerate growth and advance the interests of the ASEAN Economic Community (AEC). The ASEAN Connectivity through Trade and Investment (ACTI) project is a public-private partnership designed in collaboration with Nathan Associates, USAID, and the US-ASEAN Business Council.
|Location||East Asia and Pacific, Viet Nam, Thailand, Singapore, Philippines, Myanmar, Malaysia, Laos, Indonesia, Cambodia, Brunei Darussalam|
|Value||USD 600 Thousand|