In support of an “Inclusive, Innovation-led Growth” for a strong ASEAN Economic Community (AEC), the Philippines, through the Department of Trade and Industry (DTI), is conducting today the ASEAN 2017 MSME Development Summit at the Philippine International Convention Center (PICC), Manila, the Philippines.

The Summit will place the interests of MSMEs at the center of the ASEAN Economic Community (AEC) agenda and putting together the MSME advocates, mentors, enablers and business experts from the ASEAN region who can help develop, handhold, and empower the MSMEs and spread the economic fruits of the AEC dream.

With the theme, “The 7Ms Towards Shared Prosperity in ASEAN,” the DTI aims to gather insights from thought leaders and experts addressing the 7Ms that sum up the elements of the approach and framework for enabling and fostering the MSMEs.

“Through the 7Ms, we’ll empower the MSMEs so they can also share in the benefits of the ongoing economic growth, and improve the quality of their lives by engaging in vibrant entrepreneurial activities,” said DTI Secretary Ramon Lopez.

The seven-point strategy includes Mindset, Mastery, Mentoring, Markets, Money, Machines, and Models of Business. These will equip the entrepreneurs in making a difference in the market while contributing to the larger cause of sustaining the entrepreneurial revolution in ASEAN.

MSMEs are integral to the economic development and growth of the ASEAN region as they outnumber large enterprises in both quantity of establishments and share of the labor force they employ. The ASEAN MSMEs comprise the 95-99% of all business establishments, generating between 51% and 97% of employment. .

“We are advocating the 7Ms of DTI Secretary Ramon Lopez in helping the entrepreneurs set up their businesses and be a smarter entrepreneur. And this 2017, in time for the country’s hosting of ASEAN, we want to advance and mainstream the 7Ms in ASEAN region,” said DTI Regional Operations Group (ROG) Undersecretary Zenaida Maglaya.

More than 20 caliber speakers and panelists from ASEAN Member States (AMS) will share inspiring and valuable stories of leadership and entrepreneurial journey on various plenary discussions on Promoting MSME Development Mindset, Mastery and Mentoring Toward Competitiveness and Resilience, Accessing Domestic and Regional Markets, Overcoming Money Hurdles, and Machines and Proactive Business Models Toward Productive and Responsive MSMEs.

At the end of the Summit, prominent business takeholders and key players will provide support and recommend priority actions towards helping achieve economic prosperity in the region through MSME development.