SMEs Participation in Regional Production Networks and Access to Finance: ASEAN Perspectives

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1 2013/FMP/WKSP4/006 Session: III SMEs Participation in Regional Production Networks and Access to Finance: ASEAN Perspectives Submitted by: ERIA Workshop on Trade Finance Lombok, Indonesia 1 July 2013

2 SMEs Participation in Regional Production Networks and Access to Finance: ASEAN Perspectives Sothea Oum Economic Research Institute for ASEAN and East Asia (ERIA) APEC Workshop on Trade Finance 1 July 2013, Lombok, Indonesia 1

3 Outline of the Presentation 1. ASEAN Economic Community and Firms Perception 2. SMEs Participation in Production Networks 3. SMEs Access to Finance 4. Some Policy Implications 2

4 1. ASEAN Economic Community: Vision and Blueprint Pillar 1: Single Market and Production Base Free flow of goods, services, investment & skilled labor; Freer flow of capital. Focus on PIS Pillar 2: Highly Competitive Economic Region Transport facilitation, infrastructure, ICT and connectivity; IPR, taxation, competition policy Pillar 3: Region of Equitable Economic Development SME development; Initiative for ASEAN Integration Pillar 4: Region Fully Integrated into the Global Economy Coherent approach to external economic relations 3

5 What does AEC look like in 2015? FreeTrade Area Customs Union Common Market (range of nuance) Economic & Monetary Union AEC 2015 is more than FTA. It aims for a common market but not quite a single market. It is not a customs union and does not aim for economic and monetary union. NOTE: Common Market range of nuance: from free movement of goods and freer flow of services, capital and labor on one end, and on the other end, a single market. 4

6 Firms Knowledge of ASEAN Policy Initiatives 5 Source: Wong and Wirjo: ASEAN BAC Survey ( )

7 Use of Preferential Provisions in ASEAN Agreements 6 Source: Wong and Wirjo: ASEAN BAC Survey ( )

8 Types of Intra-ASEAN Trade and Investment Links 7 Source: Wong and Wirjo: ASEAN BAC Survey ( )

9 Trade Facilitation in ASEAN Documents preparation Prepared by Traders: Commercial Invoice Packing List Prepared by Logistics Providers: Bill of Lading Prepared by Governments: Certificates Permits Licenses Prepared by Banks: Letter of Credit Other transactions: documentary collection, trade credit insurance, export factoring, and forfeiting Customs clearance Customs Declaration Supporting documents National Single Windows All ten National Single Windows should be fully functional and operational All government agencies should be integrated through one system Customs procedures should be simplified to reduce the number of documents required to export and import ASEAN Single Window An open environment should enable all documents to be exchanged between the relevant parties: Business-to-Business (B2B) Business-to-Government (B2G) Government-to-Government (G2G) 8

10 Evolution of Single Windows Business value chain ASEAN Single Window Cambodia Myanmar Customs System Indonesia, Malaysia, Philippines, Singapore, Thailand National Single Windows Lao PDR Tradepoint Portals Trade EDI / VAN Brunei Darussalam Vietnam Customs Single Window National SW with all OGAs Regional / Global SW Integration scope 9 Customs Automation Era Start of Trade Information Start of Trade Information Exchanges Limited B2G Nationwide Single Window B2G / G2G N2N Source: UNECE Ten Years of Single Window Implementation (Jonathan Koh Tat Tsen)

11 10 2. SMEs Participation in Production Networks

12 Quality-Intensity nexus in Production Networks Quality High I Intermediate IV Most desirable Low II Least desirable III Intermediate Low High Notes: Quadrant I Low intensity-high quality production network participation (tier 1 and 2) Quadrant II Low intensity-low quality production network participation (tier 3 and 4) Quadrant III High intensity-low quality production network participation (tier 3 and 4) 11Quadrant IV High intensity-high quality production network participation (tier 1 and 2) Intensity

13 SMEs and Regional Production Two critical issues: networks 1. How to participate in a production network (intensity) 2. How to participate in higher value adding activities in a production network (tier 1 and 2) (quality) Providing answers to these questions is of importance 12

14 Key Results Moving in. Moving up.. 1. Labour productivity Labour productivity 2. Foreign ownership share Foreign ownership share 3. Financial stability and cost of credit 4. Meeting international standards 5. Introduced ICT Introduced ICT 6. Established a new division 7. Acquired new machinery 8. Improved existing machinery 9. Acquired production knowledge 10. Introduced new products 11. Positive attitude towards risk 12. Willingness to adopt a new business strategy Acquired production knowledge Size 13

15 3. SMEs Access to Finance SMEs in general face a number of obstacles in accessing finance; mainly related to their limited resources and perceived risks by lenders. Classic issue: credit rationing for SMEs, because of greater opaqueness and risks. Access to finance seems to be the biggest problem. 14

16 SMEs Access to Finance (cont.) Key findings from ERIA study: Start-up and expansion mainly from internal finance. External finance becomes more important for domesticallyowned, smaller, making lower profit SMEs in less-developed economies. There are evidences of credit rationing, or risk premium exercised by financial institution on SMEs Larger SMEs in more developed economies tend to get bigger loans, with longer terms and at a lower interest rate than otherwise Net worth, collateral, business plan, and cash flow are necessary to get favorable terms of financing. Financial access significantly affect innovative and export capability of SMEs. 15

17 The Importance of Government Initiatives to Promote SME Development and Internationalization 16 Source: Wong and Wirjo: ASEAN BAC Survey ( )

18 4. Some Policy Implications 17 Promoting SME development is a very difficult task - complex; depends not only on policy or external condition, but also on SME s characteristics and how SME perform/behave Trade and investment liberalization and facilitation Taking measures to facilitate financial access and enhancing technology and innovative capability ASEAN has its mechanism, ie. Strategic Action Plan - the plan is not without weaknesses; but the process in ASEAN allows for continuous refinement. One way to accelerate SME development in ASEAN: improving monitoring mechanism for the implementation of the SME policy

19 4. Some Policy Implications (cont.) ASEAN is now adopting the similar (monitoring) process taken by Western Balkan countries through their (OECD) SME Policy Index Having SME policy index in ASEAN facilitates and harmonize policies, strengthens coordination of policy and programs, and serves as instrument for capacity building Guard the policy implementation within a robust policy framework The process (self- plus independent evaluation) ensures policy makers to realize their weaknesses The process (involves public consultation and discussion of the evaluation results at regional level) allows countries to always learn one from the other. 18

20 Thank You 19 Economic Research Institute for ASEAN and East Asia

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