Hanoi (VNA) - The Asia-Pacific region’s most talented software and web developers,including those from Vietnam, will participate in a 24-hour app challengefocused on building products that address a persistent regional challenge: howcan more micro and small businesses start exporting to foreign markets?

The“APEC App Challenge”, which is an APEC initiative by the Ministry of Industryand Trade (MoIT), the Asia Foundation, and Google, will be held in Hanoi on May18-19 as one of activities towards the 23rd Ministers Responsiblefor Trade Meeting (MRT 23). This setting will encourage interactions andlearning between APEC policy makers and App Challenge participants from the Asia-Pacificregion and provide a creative class for young software entrepreneurs. 

Teamswill take part in a marathon overnight coding session, where coders and designersacross APEC attempt to build a new mobile or web solution to one or more keychallenges faced by owners of micro-, small- and medium-sized enterprises (MSMEs)who are interested in expanding their businesses through cross-border trade.

Thepanel of judges will announce the winner of the app challenge in the morning ofMay 19. The Ministers of Trade will present the first prize to the winning teamin an official award ceremony at the APEC Symposium on Trade and Innovation inthe afternoon of the same day.

Thetopic of the APEC App Challenge is particularly important for the Asia-Pacificregion, where MSMEs make up roughly 98 percent of all businesses and employtwo-thirds of the region’s labour force. Whereas the internet has dramaticallycut down the exporting costs for MSMEs, especially in developed economies,businesses in the region are facing a number of challenges, and the benefitsfrom international trade remain elusive. 

Smallbusiness owners in Asia - Pacific developing economies face a number ofchallenges in attempt to access cross-border trade both in terms of physical/financial infrastructure and local regulations. Because of that, exports so farhave not been an option for medium, small and micro businesses but digitalplatforms have dramatically lowered the costs of exporting. This means that itis the first time for MSMEs to consider accessing export markets and taking advantageof global value chains (GVCs).

TheAPEC App Challenge is a unique effort to generate learning and share new ideasacross APEC, concurrently building potential solutions to help small businessesovercome existing barriers. Ultimately, the goal of the app challenge is tohighlight new ways of promoting inclusive, innovative, and sustainable growthin Asia-Pacific economies and stipulate policies that will promote moreinnovation to address trade issues.-VNA