As some of you may be aware, both the Singapore and Thailand programs are outgrowths of APEC's Business Partnership Initiative, which has been a top priority for the U.S. and was endorsed at the Brunei ministerial last summer. And at the APEC Ministerial that I just flew in from last night, I made a point of calling for expansion of the program to other APEC economies. In the United States, they're the engine of our growth. The vast majority of the 22 million jobs created in the last 8 years are attributed to small and medium sized enterprises. And more than 96 percent of the 3 million businesses belonging to the United States Chamber are small businesses.
Small business is key to Singapore's economy as well.
When Singapore launched its industrialization program in the 1960s, small businesses were there supplying the bigger corporations with parts, components, and delivery services, helping build Singapore's industrial base, and leading its export growth for the last three decades. Today, the small business community has diversified into value-added activities in information technology, business services, and logistics. Not only this, Singapore's small businesses are seeing the rise of a new breed of entrepreneurs, including high tech-savvy professionals who've left secure jobs in big corporations to seek new challenges in the entrepreneurial market. The partnership agreement we just witnessed can help tap into this enormous wellspring of talent and business potential. It will enable Singapore to capitalize on the globalization trend and its status as a regional hub.