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* Atleast Project Title is Required.
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Project No. |
SME 02 2023A
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Project Title |
2024 APEC Forum on Regulatory Innovation for SMEs
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Project Status |
Project in Implementation
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Publication (if any) |
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Fund Account |
APEC Support Fund
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Sub-fund |
ASF: General Fund
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Project Year |
2023
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Project Session |
Session 1
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APEC Funding |
100,000
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Co-funding Amount |
100,000
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Total Project Value |
200,000
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Sponsoring Forum |
Small and Medium Enterprises Working Group (SMEWG)
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Topics |
Small and Medium Enterprises
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Committee |
SOM Steering Committee on Economic and Technical Cooperation (SCE)
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Other Fora Involved |
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Other Non-APEC Stakeholders Involved |
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Proposing Economy(ies) |
Korea
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Co-Sponsoring Economies |
Australia; Chile; China; Malaysia; Peru; Philippines; Russia; Singapore; Chinese Taipei; Viet Nam
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Expected Start Date |
01/01/2024
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Expected Completion Date |
31/12/2024
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Project Proponent Name 1 |
Sukjin Hwang (wef 3 July 2024)
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Job Title 1 |
Director
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Organization 1 |
Korea SMEs and Startups Agency (KOSME)
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Postal Address 1 |
Not Applicable
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Telephone 1 |
(82-55) 7519675
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Fax 1 |
Not Applicable
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Email 1 |
sjhwang@kosmes.or.kr; ysk@kosmes.or.kr;
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Project Proponent Name 2 |
Not Applicable
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Job Title 2 |
Not Applicable
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Organization 2 |
Not Applicable
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Postal Address 2 |
Not Applicable
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Telephone 2 |
Not Applicable
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Fax 2 |
Not Applicable
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Email 2 |
Not Applicable
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Declaration |
Sukjin Hwang
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Project Summary |
| This project seeks to gather and share experiences of regulatory reform where APEC members used regulatory reform to spark and accelerate innovation by SMEs in critical industries. A forum will be held in Korea around June 2024, where expert invitees from APEC member economies will share their experiences and cases where regulatory reform defeated various elements hindering SME innovation and induced developments by SMEs in innovative industries and areas such as digitalization, mobility and clean energy. | Through presentations and discussions on the problems facing the APEC SMEs and how regulatory reform can overcome and spark innovation in SMEs, we hope to derive lessons that can be used in other APEC economies to spark innovative SMEs in their own economies. |
Relevance |
Issues: SMEs are positioned to be crucial innovative players in most APEC economies due to its nimble size and the ability to concentrate its focus. But while theoretically, SMEs have many advantages in innovative new industries, economies often find that SMEs are not able to fully utilize their advantages. One of the biggest factors hindering SMEs is inappropriate, badly made or outdated regulations. These regulations can hinder SMEs from developing new products or moving into new industries; and add unnecessary costs to SME operations, especially when SMEs are working in new previously unexplored areas. Thus, regulatory reform is crucial to competitiveness and growth of SMEs and the entire economy. This project will limit the examination of regulatory reform to a limited number of crucial industries and areas which are crucial to SMEs and of relevance to all or the majority of APEC economies. One area will be digital technology. Virtually all economies are pursuing digital innovation, both for and by SMEs, but the speed of innovation and technological adaptation are vastly different between economies. One main reason for such difference is likely to be regulation, so appropriate regulatory reform can accelerate the adaptation and innovation in digital technologies for SMEs and ultimately raise growth, Another area for examination is trade and exports. SME share in exports for APEC economies average around 40% and is crucial for individual and regional economy. Regulations often act as obstacles for SMEs trying to export their innovative products abroad, and regulatory reforms are often required to let SMEs reach their full potential. There is more recognition that bad regulations can be serious trade barriers, and more FTAs are including regulatory reform as part of their agreements. Regulations for education are also an area where regulatory reform can play a crucial role. Productivity is dependent on human capital and educational levels of the population. However, outdated regulations on educational institutions, curriculum, and educational resources can seriously hinder the educational process and retard the formation of a skilled work force and hinder growth. This is another area which is likely to affect all APEC member economies. Of course, there may be other areas where regulatory reform can play a crucial part in innovation and growth. and during the preparation process, the project managers will be happy to take suggestions from other member economies and participants on what other areas can be included in the forum. Eligibility and Fund Priorities: This project is aligned with the founding priorities of APEC Support Fund (ASF) – General Fund established by the official Meeting (SOM) and ECOTECH Priority Themes to develop and strengthen the dynamism of SMEs. Developing and strengthening the dynamism of Small and Medium Enterprises (SMEs): This project will focus on regulatory reform relevant to fostering innovation by SMEs. Promoting the development of knowledge-based economies: This project seeks to promote SME activities in innovative and knowledge-based industries. Facilitating technology flows and harnessing technologies for the future: Promoting innovative activities implicitly assumes that technology flows and technology utilization will increase. Capacity Building: This project is expected to contribute to attaining sustainable growth and equitable development, as well as reducing economic disparities and help improve economic and social well-being of the people in APEC member economies by fostering innovation and growth, allowing member growth rates and income levels to converge in the medium and long run. While some APEC member economies have relatively low regulatory burden and have very active innovative industries, some member economies do not; and it would be very helpful for these economies to receive information on what type of reforms worked for other member economies, and which areas and regulations should be given priority; as well as sharing information on what type of problems the more successful economies faced during their reform process. By sharing effective case examples, this project is expected to satisfy the operational principles for capacity building in the area of innovation; and by enabling SMEs to participate more fully in innovation, and reduce gaps in terms of regulation and innovation, the project is expected to satisfy inclusiveness and enabling criteria as well. We expect developing economy APEC members as well as those APEC members with slower economic growth rates to benefit from the project, but by sharing relevant experiences, more developed APEC member economies may also benefit as well. |
Objectives |
This project seeks to gather and share experiences where APEC members used regulatory reform to spark and accelerate innovation by SMEs in critical industries; to help SMEs grow and strengthen APEC economies by reforming their regulatory environment. More specifically, the project seeks to 1) Examine the regulations faced by SMEs and reforms required to allow SMEs to innovate; 2) Share experiences on regulatory reform helpful to SMEs and their capacity to innovate, from the points of view of public and private sectors, international organizations and research organizations; 3) Establish and strengthen network for sharing practices of SME related regulatory reform in APEC.
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Alignment |
Alignment to APEC: This project is expected to contribute to all three APEC pillars. Because inappropriate regulations hinder businesses and raise their costs of operation as well as limit innovation, appropriate regulatory reform is inherently a business facilitation measure. In addition, for SMEs which operate internationally or engage in international trade, regulatory reform can assist trade and investment liberalization. Further, because this project seeks to share experiences of APEC economies and examine how one economy’s experiences can be helpful to other economies, the nature of the project directly involves ECOTECH. This project is expected to contribute to APEC Putrajaya Vision 2040 through encouraging innovation and digitalization, since our project seeks to share experiences in innovative industries and look at reforms which foster innovation and digitalization; and Strong, Balanced, Secure. Sustainable and Inclusive Growth, since our project seeks to spread innovation to SMEs and make innovation and growth sustainable and strong. As stated in the 2021 APEC CEO summit, “Regulatory innovation is a crucial factor for sustainable development, including economic growth, job creation, and technological innovation. Regulatory innovation also contributes to enhancing domestic competitiveness and improving the trade and investment environment. Alignment to Forum: This project is expected to create a stage where the APEC member economies can share their best practices in regulatory reform in innovative industries, and foster dialogue among stakeholders of member economies. This project aligns with the principles of SME Working Group Strategic Plan for 2021-2024, especially the priority areas of “Entrepreneurship, innovation and start-ups”, “Inclusive capability development toward digitalization” and “Government to business interactions.” Regulatory reform is a crucial policy component in improving business environment for start-ups and entrepreneurs, especially in new innovative industries. One the project’s main goal is to identify areas for improvement in facilitative regulations that support new business models, and foster innovation in SMEs to improve competitiveness as well as improve economic growth in general. Because the project is expected to focus on regulatory reform in innovative industries, the project will examine inclusive capability development toward digitalization as well; since inappropriate or outdated regulations are likely to hinder digital transformation and the adoption of digitalization by SMEs. Also, by its very nature, regulations deal with government to business interaction. As stated in the 2022 APEC Ministerial Meeting, “[APEC Ministers] commit to creating a sound and predictable regulatory environment and advance good regulatory practices and international regulatory cooperation to further facilitate trade and investment and promote greater transparency, predictability and interoperability in the region.” In addition, the project is likely to also touch on elements of Policy Partnership on Science, Technology and Innovation Strategic Plan (2016-2025) as regulatory reform involves collaboration among stakeholders and enhancing capacity building in innovative growth and infrastructure; and activities of Competition Policy and Law Group, in creating an enabling environment for open, transparent and competitive markets. |
TILF/ASF Justification |
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Beneficiaries and Outputs |
Outputs: | Output | Description | | Forum | 1. A one-day forum will be held in Republic of Korea in June 2024 2. This project seeks to gather and share experiences where APEC members used regulatory reform to spark and accelerate innovation by SMEs in critical industries; to help SMEs grow and strengthen APEC economies by reforming their regulatory environment. More specifically, the project seeks to 1) Examine the regulations faced by SMEs and reforms required to allow SMEs to innovate; 2) Share experiences on regulatory reform helpful to SMEs and their capacity to innovate, from the points of view of public and private sectors, international organizations and research organizations; 3) Establish and strengthen network for sharing practices of SME related regulatory reform in APEC 3. As mentioned above, regulatory reform can play a crucial part in innovation and growth and during the preparation process. In addition, it will have several immediate outputs expected during the forum, which include the following: 4. 1. Ex-ante Evaluation: During the event the ex-ante evaluation will be conducted to ask whether the project is successful and to listen to participants’ opinions. It will be a great help to make an efficient and effective project in the future. 5. 2. Sharing best practices: Speakers and experts of the project are expected to share best practices on their success stories as well as network each other, helping them come up with new ideas for their business. Furthermore, it will be a good opportunity to know the importance of the regulatory reform which is crucial to competitiveness and growth of SMEs in the member economies. 6. 3. Policy recommendations on promotion of SMEs: Through a series of presentations and discussions, the project is expected to offer valuable policy recommendations for policy makers from APEC economies, and those recommendations will be disseminated to the member economies in a form of summary report. 7. 4. Opportunity to network and to benchmark: The project is expected to provide an excellent opportunity for participants to network with policy makers and successful entrepreneur business leaders from APEC economies taking part in the project who might be able to offer valuable advice and tips on how to become a successful business with innovative regulations and also it will provide a chance to share startup support measures implemented by their own economies to benchmark each other. | | Summary Report | A Summary Report with outcomes and recommendations of the project will be produced for only dissemination/information to SMEWG. The report will include all sections: introduction of the forum; briefings of the presentations made at the forum; including best practices briefings on discussion and suggested recommendations made by the attendants and experts. The Summary Report will consist of minimum 20 pages. |
Outcomes: This project is highly expected to increase awareness and understanding of regulatory reform issues for SMEs among stakeholders in APEC economy members. In addition, this project will support the development of human capital and/or entrepreneurial capacity among APEC member economies as well. Therefore, the expected outcomes of the project will be:
1) Identification of regulatory barriers: The project is expected to deliver a comprehensive assessment of the regulations faced by SMEs in APEC economies, highlighting the specific barriers that hinder their capacity to innovate. This outcome can be measured by the number of identified regulatory barriers and their categorization based on their impact on SMEs. 2) Increased knowledge, awareness, and financing opportunities: The project intends to facilitate knowledge sharing among public and private sectors, international organizations, and research organizations regarding regulatory reform helpful to SMEs. This can be measured by evaluating the number of knowledge-sharing events organized, the level of participation, and the feedback received on the usefulness of the shared experiences. In the forum, it is expected to discuss best practices, share successful experiences and strategies for regulatory reform in the region building capacities through presentations by experts, speakers, and panel discussion. 3) Strengthened network: The project aims to establish and strengthen a network for sharing practices related to SME regulatory reform in APEC. This outcome can be measured by assessing the number of participating institutions, the level of engagement within the network, and the extent to which it facilitates ongoing communication and collaboration. Through the project on regulatory innovation, Governments will achieve a more favorable regulatory environment for SMEs by identifying and addressing regulatory barriers. This can lead to streamline processes, reduced administrative burdens, and improved policy frameworks. SMEs can benefit from reduced regulatory barriers and streamlined processes, allowing them to allocate more resources to innovation and business development instead of compliance-related activities. In the project, policies and action measures of Korean government related to regulatory innovation would be presented and it could be a leading policy measurement which can be adopted by other member economies. Lastly, we will try to conduct an ex-post evaluation to assess the impact of the project in terms of improving awareness and knowledge of the project issues after the forum is completed. Beneficiaries: The direct project participants and users of the project for SMEs in APEC can include the following: 1) Government Officials: a) Qualifications: Government officials involved in policy-making, regulatory affairs, and SME development. b) Level of Expertise: Expertise in regulatory reform, policy analysis, and SME support. c) Roles/Level of Responsibility: Decision-makers, policymakers, and administrators responsible for formulating and implementing regulations and policies affecting SMEs. d) Gender: Both male and female government officials. E e) Economies Represented: Government officials from APEC member economies. f) Government Departments: Ministries or departments responsible for SME development, trade, industry, finance, and regulatory affairs. g) APEC Fora Involvement: Representatives may be involved in APEC working groups, committees, or task forces related to SMEs, trade, or regulatory reform. H h) Use and Benefit: Government officials will utilize the project's findings, recommendations, and knowledge-sharing activities to improve regulatory frameworks, shape policies, and implement reforms that foster SME innovation and growth. They will benefit from insights into successful regulatory approaches, experiences of other economies, and the opportunity to collaborate with peers in addressing regulatory challenges for SMEs. 2) SME Representatives and Associations: a) Qualifications: Representatives from SMEs or SME associations with expertise in business operations, innovation, and regulatory compliance. b) Level of Expertise: Familiarity with regulatory challenges faced by SMEs and understanding of the needs of SMEs in various industries. c) Roles/Level of Responsibility: Owners, managers, or executives of SMEs, or representatives from SME associations responsible for advocating for SME interests. d) Gender: Both male and female SME representatives. e) Economies Represented: SMEs from APEC member economies. f) APEC Fora Involvement: Representatives may participate in APEC SME-related working groups or dialogues. g) Use and Benefit: SME representatives and associations will engage in knowledge-sharing sessions, provide input on regulatory challenges and reforms, and benefit from access to information, best practices, and networking opportunities. They will contribute their experiences and perspectives, ensuring that the project outcomes address the needs of SMEs and support their innovation capacity. 3) International Organizations and Research Institutions: a) Qualifications: Experts and researchers with knowledge in regulatory reform, SME development, and innovation. b) Level of Expertise: Extensive expertise in regulatory analysis, policy research, and SME support. c) Roles/Level of Responsibility: Researchers, analysts, and experts affiliated with international organizations and research institutions. d) Gender: Both male and female experts and researchers. e) Economies Represented: Experts and researchers from various APEC member economies or international organizations. f) APEC Fora Involvement: Involvement in APEC working groups or expert panels related to trade, SMEs, or regulatory issues. g) Use and Benefit: International organizations and research institutions will contribute their expertise, share best practices, and provide research-based insights to inform the project's recommendations and activities. They will benefit from the opportunity to disseminate their knowledge, collaborate with other stakeholders, and influence policy discussions at the regional level. 4) Other indirect beneficiaries: a) APEC Member Economies: The project outcomes will benefit all APEC member economies by providing valuable insights, best practices, and policy recommendations to improve their regulatory environments for SMEs. This can lead to increased competitiveness, innovation, and economic growth across APEC economies. b) SMEs in APEC Economies: SMEs in APEC economies will benefit from the project's outcomes through reduced regulatory burdens, enhanced innovation capacity, improved access to information, and networking opportunities. This can enable them to navigate regulatory challenges more effectively, innovate, and contribute to economic development. |
Dissemination |
The Summary Report will be published electronically for dissemination and information only to SMEWG and relevant APEC fora. This document will be shared to project speakers, experts, participants and SMEWG members as well. Other target audience are policy makers and business community in APEC member economies and participating economies. The PO will inform relevant stakeholders of the report after it has been produced. |
Gender |
The PO of the project is committed to collecting sex disaggregated data for all speakers and participants (not only those APEC funded) at the project forum. This data will be included when submitting a Completion Report to the Secretariat upon completion of the project, as well as providing guidance to future POs on their own gender parity targets. The project outcomes and objectives can benefit women in several ways: 1) Reduced gender disparities: By addressing regulatory barriers faced by SMEs, the project can help reduce gender disparities in entrepreneurship. Women entrepreneurs often encounter specific challenges, such as limited access to finance, markets, and networks. Regulatory reforms that facilitate their participation and create a level playing field can help overcome these barriers. 2) Enhanced access to information: The project's knowledge-sharing activities and information dissemination efforts can provide women entrepreneurs with valuable resources, best practices, and information on regulatory reforms. This can empower them to make informed decisions, navigate regulatory complexities, and access opportunities for innovation and growth. 3) Increased networking and collaboration opportunities: Through the project's networking initiatives, women entrepreneurs can connect with peers, policymakers, and industry stakeholders. This can expand their networks, foster collaborations, and provide them with mentorship and support to overcome gender-specific challenges in the regulatory environment. 4) Improved policy environment: The project's objective of examining regulations and recommending reforms beneficial to SMEs, including women-led businesses, can create a more inclusive and supportive policy environment. This can lead to policies that address gender inequalities, promote women's economic empowerment, and provide targeted support to women entrepreneurs. This project will contribute to 3 out of 5 Gender Criteria pillars of women’s economic empowerment as identified in the Appendix G of the Guidebook on APEC Projects. We set the target of 40% of forum participants will be female including speakers and participants. Therefore, the project will encourage active participation of women from APEC economies to engage in the project as both speakers and participants. | Targets | | Female Participants (%) | 40 | | Female Speakers/Experts (%) | 40 | Referring to the Guide on Gender Criteria for APEC Project Proposals in the Guidebook on APEC Projects, please tick the pillar or pillars that this project supports, in promoting women’s economic empowerment: | | 5 Pillars (you may tick more than one) | | 1 | Access to Capital and Assets | | | 2 | Access to Markets | | | 3 | Skills, Capacity Building, and Health | v | | 4 | Leadership, Voice and Agency | v | | 5 | Innovation and Technology | v | |
Work Plan |
| Time | Tasks | Deliverables | | Week 1 of Jan 2024 | Contracting of the direct labor | KOSME will make a contact with an agency to prepare and conduct the forum. | | Feb 2024 | Decisions to change the delivery format of the event | Consider shifting the physical event to virtual and make sure to stay in active communication with PD | | Feb – Apr 2024 | Establishment of a work plan for the forum Selecting a contractor for the project | Member of Global Business Department in KOSME will conduct and start to make detailed agenda | | Mar – May 2024 | Recruiting of speakers from in and out of APEC economies / Contact each APEC economy for recommendation of speakers, participants and organizations | Participants and speaker list will be started to be made | | Prepare to invite the participants including speakers | Completion of participants list And presentation materials | | Apr – May 2024 | APEC Non-Member Participation Process | Circulate the list of NMP for an approval from SMEWG | | 1 Apr 2024 | Submission of APEC Project Monitoring Report | APEC Project Monitoring Report | | Apr 2024 | The General Information Circular will be sent out to APEC Secretariat and SMEWG member economies | General Information Circular issued | | May 2024 | Once all participants are confirmed, we will conduct an ex-ante evaluation to check the level of knowledge about industrial economy. The ex-ante survey will be implemented to measure a level of understanding about the industry and identify current status of SMEs when speakers/experts/participants to attend the forum are fixed. | The ex-ante evaluation will be used to compare with the result of the ex-post survey | | Jun 2024 | Conduct the forum Ex-post evaluation is completed | Conducting and executing of the forum Evaluation can be done through online | | Aug – Oct 2024 | Summary Report will be prepared and submitted Submission and of the APEC Project Completion Report and supporting documents to the APEC Secretariat All documents will be submitted first to the Secretariat for review and approval. Once approved, it will then be sent for comments and endorsement by the forum | Submission of a Summary Report Submission of a Completion Report | | End Dec 2024 | Project Completion Date | | | End Feb 2025 | Submission of the APEC Project Completion Report and supporting documents to the Secretariat | APEC Project Completion Report | | 6-12 months after the completion of the project | Participation in the Long-Term Evaluation of APEC Projects conducted by the Secretariat | |
Risks |
| No. | Risks | How will it be managed? | | 1 | Lack of participation interest | The PO will consult on the agenda and the content of the workshop with other member economies to ensure its effectiveness and relevance. In addition, information and administration circular will be circulated to all APEC economies and relevant for in advance. To address these issues, the PO will consult with cosponsoring economies and experts to make sure the workshop sessions will full accommodate the needs from all economies participants, and to raise their interest at the first stage. | | 2 | Impacts of COVID-19 | Under the impacts of COVID-19, the PO will continue to pay attention to the travel restrictions and maintain close contact with the AEPC Secretariat to adjust or develop contingencies. If the pandemic occurs again, the PO will seek to change the forum format from APEC into a fully virtual meeting through a consultation with APEC Secretariat. | | 3 | NMP approval | This risk can be eliminated by receiving an approval from APEC Secretariat in advance as usual. Also, PO will try to finalize a list of NMP early and check with APEC Secretariat to receive the approval on time | |
Monitoring and Evaluation |
| | Evaluation Focus | Indicators | Target Goals | Evaluation Method | Reporting Method | | Outputs | 1. Forum | 1. Conduct the forum | June 2024 | Completion Report & Summary Report | Completion Report | | 2. No. of speakers/experts engaged (M/F) | 4/6 | Event Attendance List | Completion Report | | 3. No. of attending economies (by participants only) | 10-15 | Event Attendance List | Completion Report | | 4. %. of participating men/women (Count both APEC-funded and self-funded participants but exclude speakers/experts) | 60/40 | Event Attendance List | Completion Report | | 5. No. of participants from travel-eligible economies (M/F) | 15/7 | Event Attendance List | Completion Report | | 6. %. of participants funded by APEC (M/F) | 60/40 | Event Attendance List | Completion Report | | 7. No. of APEC-funded speakers/experts (M/F) | 4/2 | Event Attendance List | Completion Report | | 8. No. of other organizations engaged | 3 | Event Attendance List | Completion Report | | 9. No. of businesses and/or academic organizations engaged | 5 | Event Attendance List | Completion Report | | 2. Summary Report | 1. No. of pages | 10-20 | Summary Report | Email to the Secretariat | | 2. Submission to the Secretariat | End of July-August 2024 | Submission to the Secretariat | Email to the Secretariat | | Out-comes | 1. Enhanced understanding and knowledge on the importance of regulatory innovation for SMEs | 1. % of participants report substantial knowledge increase | 70% | Ex-ante and ex-post evaluation | Completion Report | | 2. Women report substantial knowledge increase | 30% | Ex-ante and ex-post evaluation | Completion Report | | 3. Developing APEC economies report substantial knowledge increase | 30% | Ex-ante and ex-post evaluation | Completion Report | | 2. Recommendations made from the forum | 1. No. of recommendations made | 1-5 | Included in the Completion Report | Completion Report | | 2. No. of best practices made | 5-10 | Included in the Completion Report & Summary Report | Completion Report | | 3. No. of panel discussion | 1 | Included in the Completion Report & Summary Report | Completion Report | |
Linkages |
This project will actively engage with CPLG(Competition Policy and Law Group) to promote cross-fora collaboration by sharing information on promoting regulatory innovation for SMEs. Also, governmental organizations, private sector, and non-governmental agencies will be involved to support the project. Close cooperation between APEC’s other fora will help consider all aspects of problems and establish an essential system for SMEs and startups. In addition, APEC Support Fund will be a great help for the success of the project. 1) Engagement: We will ask for support from APEC to have expert/speakers from SMEWG and CPGL because the major topic of the event is also related to regulatory innovation for SMEs in the region. If we can collaborate with the relevant fora, it is expected to draw much more efficient, effective, and applicable results for start-ups and SMEs owned by men and women in the APEC region. We will work closely with PPWE in terms of capacity building for women to be prepared for success in business development and entrepreneurship. 2) Previous work: The project will seek opportunities for collaboration and knowledge sharing with existing APEC initiatives, such as the Ease of Doing Business (EODB) initiative and the APEC SME Marketplace. This collaboration will leverage existing resources, avoid duplication, and ensure coherence and complementarity with ongoing efforts. This proposed project is built on the past projects such as the 10th Conference on Good Regulatory Practices (CTI 07 2017A), and Towards Strategic Public-Private Partnership: More Regulatory Coherence and Less Technical Barriers to Trade in APEC Region (SCSC 06 2017S). The previous projects share similar concept of ‘regulatory innovation’. Despite the number of previous works undertaken in this area, it will be interesting to see the current state and ecosystem of regulatory reform for SMEs in the region and the organizer will prepare various programs in the forum for the capacity building to be focused on. Thus, there won’t be duplication of tasks and work of previous initiative. 3) APEC’s comparative advantage: APEC is considered the best source of funds for this project due to its comparative advantages in promoting regional cooperation and economic integration. APEC covers a diverse range of economies across the Asia-Pacific region, representing both developed and developing economies. This regional focus allows for comprehensive analysis, sharing of experiences, and development of region-specific recommendations on regulatory reform for SMEs. APEC provides a unique platform for policy dialogue, information exchange, and consensus building among member economies. This allows for collaborative efforts in addressing common regulatory challenges and developing best practices that can be applied at the regional level. APEC brings together various stakeholders, including government officials, private sector representatives, academia, and civil society, fostering a multi-stakeholder approach to addressing complex issues like regulatory reform for SMEs. This ensures diverse perspectives, expertise, and resources are leveraged for the project's success. |
Sustainability |
This project is expected to contribute to attaining sustainable growth and equitable development, as well as reducing economic disparities and help improve economic and social well-being of the people in APEC member economies by fostering innovation and growth, allowing member growth rates and income levels to converge in the medium and long run. It will provide ongoing support to the beneficiaries to ensure they can effectively carry forward the results and lessons from the project. This can include the provision of guidelines, toolkits, and best practice documents that capture the key findings and recommendations. Additionally, technical assistance and mentoring can be offered to assist beneficiaries in implementing regulatory reforms and addressing specific challenges identified during the project. After the project completion, several possible next steps can be considered to build on its outputs and outcomes. These may include: 1) Policy Implementation: Beneficiaries can integrate the project's recommendations into their policy frameworks and work towards implementing the identified regulatory reforms. This can involve adapting existing regulations, streamlining procedures, and establishing mechanisms for monitoring and evaluating the impact of reforms. 2) Knowledge Sharing and Replication: The project's outputs and outcomes can be disseminated through various channels, such as publications, workshops, and online platforms. This will enable other economies within and beyond APEC to learn from the project's experiences and replicate successful approaches to regulatory reform for SMEs. 3) Collaboration and Partnerships: Beneficiaries can collaborate with relevant stakeholders, including government agencies, SME associations, industry organizations, and international development partners, to sustain momentum and support for regulatory reform initiatives. By forging partnerships, economies can leverage resources, share expertise, and collectively advance the project's objectives. To ensure that future actions take place, the project can employ the following strategies: 1) Advocacy and Policy Dialogue: Continued advocacy and policy dialogue can be carried out to maintain the relevance of regulatory reform for SMEs on the agendas of member economies. This can involve engaging with policymakers, industry representatives, and other stakeholders to emphasize the importance of sustained efforts and reforms. 2) Monitoring and Evaluation: A monitoring and evaluation framework can be established to track the progress of regulatory reforms and assess their impact. This framework can include indicators and milestones to measure the outcomes and outputs of the project and its subsequent phases. Regular progress reports and evaluation exercises will help identify areas for improvement and guide future actions. 3) Measurement of Progress: The progress on the outcomes can be measured using a combination of qualitative and quantitative indicators. Some possible measures include: a) Number of implemented regulatory reforms: The number of regulatory reforms implemented by participating economies can be tracked to assess the tangible impact of the project. This can include measures such as the reduction in administrative burdens, the simplification of regulatory procedures, and the enhancement of SME access to markets and finance. b) Adoption of best practices: The extent to which the project's best practices, lessons, and recommendations are adopted by participating economies can serve as an indicator of the project's influence. This can be measured by the level of integration of project outcomes into domestic policies, regulatory frameworks, and business support programs. c) Stakeholder feedback and satisfaction: Gathering feedback from beneficiaries, including SMEs, government agencies, and industry associations, can provide insights into the project's effectiveness and relevance. Surveys, interviews, and consultations can be conducted to assess stakeholder satisfaction and perception of the project's impact on regulatory reform for SMEs. Last but not least, to sustain the impact of the project, the PO suggests the APEC to take initiative and encourage member economies to hold similar program regularly. SMEWG can support this effort by encouraging its member economies to pay attention and actively participate in the event. As we all know, it will be difficult to apply or change policies right after the event. PO will keep trying to contact all participants in order to receive feedbacks from them. Also, PO will be able to make a follow-up event if it is necessary and the project result will be presented in the subsequent meeting such as SMEWG meeting, etc. Furthermore, there will be a concerted effort to build upon the forum’s outputs through a continued call for regional cooperation to implement APEC principles and highlight cross sectoral collaboration |
Project Overseers |
Bongsu Wyi is a Director of Global Business Department of Korea SMEs and Startups Agency (KOSME). He is in charge of global business cooperation including APEC SMEWG. He is highly experienced project manager as a certified management consultant. In addition, he was in charge of Fund Management Dept. and Overseas Business Development Dept. so that he is specialized in Fund Management and Export (Marketing) business. Korea SMEs and Startups Agency (KOSME) is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs.
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Cost Efficiency |
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Drawdown Timetable |
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Direct Labour |
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Waivers |
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Are there any supporting document attached? |
No
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Attachments
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