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Chinese Taipei has contributed USD 2.2 million in funding to support APEC's economic and technical cooperation initiatives with respect to members' capacity building needs and to promote regional economic integration, inclusive and sustainable growth and enhance APEC's policy research and analysis.
The contribution was confirmed in a memorandum of understanding signed virtually by Sharon Shang-Nien Wu, Chinese Taipei's APEC Senior Official and Dr Rebecca Sta Maria, Executive Director of the APEC Secretariat, last week.
"Chinese Taipei is committed to continuing our engagement in APEC as well as contributing to strengthen APEC's economic and technical cooperation initiatives," Wu said.
"We also wish to reaffirm our commitment to advancing APEC members' capacity building needs and promoting inclusive and sustainable growth, especially in the areas of digital innovation, small and medium enterprises and marine debris management," she added.
Projects are a vital part of the APEC process. They help translate the policy directions of APEC economic leaders and ministers into actions which contribute to creating tangible benefits for people living in the Asia-Pacific region. APEC provides funding for over 100 projects each year, with around USD 21.9 million available in 2022.
Around USD 1 million of the contribution will go to efforts to improve the growth of the digital economy in the region as well as to build inclusive economies by focusing on micro, small and medium enterprises' poverty reduction. This would include supporting activities under the purview of the APEC Small and Medium Enterprises Working Group.
Additional funding will be directed to supporting APEC's activities focused on reducing marine debris. This includes initiatives related to improving management of land and sea-based sources and promoting the development of technical and financial innovations to prevent and reduce such pollution. Funding will also support the APEC Policy Support Unit, the research and analysis arm for member economies.
"The challenges that we're facing as a region are unprecedented and because of this, APEC needs to forge ahead and strengthen our cooperation to ensure an inclusive, sustainable and resilient future for the people," Dr Sta Maria explained.
"The core of APEC is the sharing of experiences and best practices among member economies, exploring new ideas and nurturing collaboration that will benefit all," she concluded. "Support for capacity building initiatives focusing on sustainability and inclusive growth will contribute to a resilient future, and mitigate against the uncertainties we are facing today."
