Asia-Pacific Business Leaders Focus on Urgent Challenges Facing the Region
Asia-Pacific business leaders have proposed greater public-private sector coordination in response to future crisis.
The APEC Business Advisory Council (ABAC), meeting May 10-13, in Beijing, China, mapped out a regional response strategy to better prevent and respond to future crises, as well as proactively launching work on energy security.
In response to disasters, such as the tsunami that recently struck the region, ABAC called for the establishment of a Regional Disaster Response Network to coordinate emergency preparedness on a regional basis.
"APEC needs robust early warning and rapid response systems, if it is to mitigate the damage done by disasters and crises." said 2005 ABAC Chair, Mr. Jae-Hyun Hyun of Korea.
While noting the need for effective government action, Mr. Hyun also observed that "Business can play a critical role as it possesses expertise and resources that the government may not."
"The most effective response should coordinate both the public and private sectors. The business community can complement official responses in the immediate aftermath of a crisis, and has a critical role in the longer-term reconstruction following a disaster."
ABAC members also expressed concern about the slow pace of the release of funds for tsunami relief and reconstruction efforts by economies in the region.
"Those hurt by the disaster continue to suffer until they can put their lives back together," Mr. Hyun said.
On Energy, ABAC noted that strong economic growth in the region has put growing pressure on economies' energy reserves, which makes energy prices more volatile and exposes economies to increased energy security risks.
"Effective solutions must involve both the public and private sectors, and they should be holistic and include developing new energy sources and technologies. These solutions should include measures to promote conservation and responsible use, energy efficiency, and effective government policies." Chairman Hyun noted.
ABAC is an advisory committee whose members are appointed directly by APEC Leaders and have been charged to provide advice and recommendations to Leaders. These recommendations detailed in an annual report that ABAC will deliver this year in Busan, Korea in November. ABAC has also in this meeting prepared an interim report for Leaders, which they will deliver to APEC Ministers Responsible for Trade when they meet in June in Jeju, Korea.