The keys to expanding business globally are innovation in products and services, using connectivity tools to boost export productivity, and streamlined government business regulations.
“They [firms]need to innovate rapidly and they need to do it cost-effectively,” the DTI-EMB said.
Exports is also expected to expand through the use of connectivity tools such as the internet, infrastructure and with the creation of the Department of Information and Communication Technology (DICT).
DICT will ensure the delivery of fast and affordable internet services for government and the private sector.
“Internet-enabled trade allows small businesses to have an online presence, while maintaining a physical local presence and contributing to the local economy and jobs in their communities,” it said.
A recent series of studies of online marketplace data found that internet-enabled small businesses are more likely to export and reach more country markets than their offline counterparts.
Improvements in transport infrastructure have resulted in increased trade flow, while information and communications technology (ICT) infrastructure has also enhanced trade.
Streamlining government business regulations can also increase productivity and facilitate growth.
“Faster, more effective processes help businesses respond more rapidly to customers, shorten sales cycles, and increase knowledge sharing and collaboration for better decision-making,” the DTI-EMB said.
“By promoting inclusive business through innovation and creating value for Philippine exports, MSMEs will go global. Inclusive business is a sustainable business that benefits low-income communities,” it added.
The National Export Congress to be held at Philippine Trade Training Center (PTTC) in Pasay City with the theme “Advancing SMEs through Inclusive Business: From Local to Global” will discuss government and private sector initiatives in promoting government’s thrust of inclusive business.□