Deputy Secretary for Commerce, Industry & Technology Raymond Young says the Government is committed to supporting the development of small and medium enterprises.

It will also continue making Hong Kong an ideal place for both local and overseas people to start their own businesses.

At the 10th Asia Pacific Economic Co-operation Small & Medium Enterprises Ministerial Meeting today, Mr Young said the Government will continue to provide business starters with a favourable environment, a level playing field, a stable macro economy, low taxes and a simple tax regime.

It will continue to cut down on red tape, streamline licensing procedures, and enhance our support for business starters.

Ending in Chiang Mai, Thailand, today, the meeting concluded that entrepreneurial activities are conducive to economic growth and innovativeness.

To encourage entrepreneurial activities, APEC economies undertook to intensify their efforts in nurturing the entrepreneurial spirit and provide an environment where individuals' creativity and entrepreneurship could be unleashed.

Member economies also undertook to further facilitate small and medium enterprises to gain wider access to more diversified sources of financing, such as venture capital, equity capital and micro-financing.

They also agreed to work more closely together with a view to removing regulatory and non-tariff barriers to trade.