Study and Workshop to Understand the Role of Digital Connectivity in the Formalization Process of Informal Businesses
| Published Date | January 2025 |
|---|---|
| Type of Publication | Reports |
| Publication Under | SOM Steering Committee on Economic and Technical Cooperation (SCE), Small and Medium Enterprises Working Group (SMEWG) |
| Accessed | 5 |
| Pages | 123 |
| Download publication | Download |
Description
In the context of promoting the formalization of informal business, digital connectivity emerges as a possibility for technology-based businesses, and others, to facilitate the transition to formality. Governments can increase the business performance by streamlining procedures, allowing submission of online applications, granting permits online, and being less bureaucratic in the formalization process. On the other hand, businesses need to legitimize themselves in order to be visible and access financial services, increasing productivity and expanding market share.
Therefore, this study is relevant to give greater understanding of the transition of informal economic actors to the formal economy, considering this topic is one of the priorities of Peru’s 2024 APEC Host Year.
This initiative supports the implementation of APEC Putrajaya Vision 2040, which underscores “to ensure that Asia-Pacific remains the world’s most dynamic and interconnected regional economy”, the Aotearoa Plan of Action, as it relates to the third economic driver: “Strong, Balanced, Secure, Sustainable and Inclusive Growth”, the APEC Internet and Digital Economy Roadmap (AIDER), among other strategic documents in APEC.