APEC needs a comprehensive approach to promote economic recovery, Viet Nam’s President Truong says in meeting with business leaders
Formulating their key messages for a meeting with Leaders in Vladivostok in September, the APEC Business Advisory Council members assembled in Ho Chi Minh City this week to discuss regional economic integration, sustainable development, infrastructure development, internationalization of SMEs, strengthening financial markets.
ABAC members heard a realistic overview about the regional economy from Viet Nam’s President Truong Tan Sang when he addressed their opening plenary.
“More than ever before, APEC needs a comprehensive approach, quick and determined actions individually and regionally to enhance alliance, promote economic recovery and sustainability, and confirm its role as the engine of global economic growth,” said Viet Nam’s President Truong Tan Sang.
President Truong told the APEC Business Advisory Council that the world is still suffering from a sluggish economy, decreased trade, unstable finance and a stalemate in the Doha Round. He cautioned economies from taking protectionist measures and putting up commercial barriers.
“In 2012, ABAC has made realistic recommendations to APEC Ministers on enhancing regional economic integration, regional financial market integration, the promotion of investment and trade liberalization, supply chains, food security, energy security, high-tech investment and technology transfer, infrastructure investment, support for SME development and green growth,” he continued. “Many of ABAC’s recommendations are of practical value for a developing economy like Viet Nam.”
President Truong said that he looks forward to receiving the recommendations but he encouraged ABAC members to use the time in Ho Chi Minh City to perfect the reports and finalize the recommendations to be submitted to APEC Leaders.
“I do believe that as the leaders of regional businesses, ABAC members will have new initiatives to realize the common goals of APEC as stated in the ABAC 2012 theme, ‘From Aspirations to Reality,’” he said.
“We support APEC’s leading role in liberalization and facilitation of trade and investment, ensuring regional peace and security to achieve the Bogor Goals and vision for the Free Trade Area of the Asia Pacific.”
ABAC’s 2012 Chair, Ziyavudin Magomedov said that he was encouraged by the progress ABAC has made on transportation and logistics, energy policy and food security in preparation for the upcoming September dialogue in Vladivostok, Russia.
“Most of the increase in global energy demand through 2030 will be in emerging economies, many of them in the Asia-Pacific,” said Magomedov who is Summa Group’s Chairman of the Board of Directors.
“According to some estimates, hundreds of billions of dollars can be saved by 2020 if we manage to improve and increase efficiencies in the supply chain.”
“We discussed new ways to respond to the growing challenge of food security,” he continued. “Right now, 925 million people in the world do not have proper access to adequate food. Sixty-five percent of those are in the Asia-Pacific region; that is a mass quantity and it deserves our attention.”
Cargill’s Vice President for Corporate Affairs – Asia-Pacific, Bruce Blakeman, agreed. He explained that APEC’s new approach to food security might just serve as a model for ensuring a more balanced and realistic approach to policymaking.
“Meeting for the first time in Kazan, the Policy Partnership on Food Security offered an opportunity for key stakeholders to initiate, not just in a dialogue, but to take substantive steps forward on an issue that’s critical for the lives and livelihoods of people in the region,” reasoned Blakeman.
“The private sector has a lot practical recommendations to offer policymakers,” he continued. “We live in a global food system and APEC provides an excellent venue for businesses to have the opportunity to engage with regional government policy-makers to ensure that food policies meet the needs of economies in the most efficient and cost effective way.”
Magomedov said that ABAC’s annual report will determine how APEC member economies will respond to the pressing needs of the region.
Briefing business leaders, APEC Russia’s Senior Official, Ambassador Gennady Ovechko, explained that APEC’s 2012 priorities include trade and investment, economic integration, strengthening food security, establishing reliable supply chains and fostering innovation. He said that APEC Senior Officials and ministers in Kazan did a great job promoting these priorities with the aim to provide tangible results to APEC Economic Leaders in Vladivostok.
“We discussed the intersection between the APEC Leaders’ commitment to innovation and trade and the goals that all economies share to improve their capacity to absorb innovation.”
“APEC Trade Ministers reaffirmed their commitment to promote trade and investment in environmental goods,” Ovechko continued.
“We discussed ways in which we can foster a policy environment that supports innovation to foster economic growth. A core element of our work in this area includes the creation of an APEC Higher Education Cooperation Forum which would focus on exploring collaborative education, exchange, and networking programs.”
Ambassador Ovechko expressed his gratitude for the good level of interaction between APEC Senior Officials and the ABAC members and for the achievements that have already been made in 2012.
“We keenly anticipate the most useful assessments and practical, meaningful recommendations of ABAC’s annual report to APEC Leaders,” Ovechko concluded.
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For more information, please contact David Hendrickson (in Russia) +65 9371 8901 at [email protected] or Michael Chapnick +65 9647 4847 at [email protected].
More details about APEC’s 2012 priorities and initiatives for the year can be found on www.apec.org or www.apec2012.ru.
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