Asia-Pacific Business Leaders to APEC Leaders: Speed up Economic Recovery and Regain Growth Momentum

1:25:56 PM | 7/29/2022

Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC), meeting this week in Ha Long have agreed on recommendations they will make to APEC Leaders to speed up region’s economic recovery from the lingering effects of the pandemic and disruptions to the global supply chains and to regain the momentum for dynamic, sustainable, inclusive and resilient long-term growth according to ABAC Chair for 2022  and Chairman of the Federation of Thai Industries, Kriengkrai Thiennukul.

He said that during this meeting ABAC finalized its Report to APEC Economic Leaders that would be presented to APEC Leaders during ABAC’s annual dialogue with Leaders in Bangkok, Thailand on 18 November. ABAC’s Report to Leaders will cover the key topics of promoting speedy and sustained recovery, deepening regional economic integration, fostering an enabling environment through digitalization, and advancing sustainability. 

“We will call on APEC to support the global rules-based trading system, accelerate the realization of the Free Trade Area of the Asia-Pacific, foster actions to mitigate the impact of climate change, level the playing field for MSMEs, and leverage the digital economy. These are fundamental to ensuring that our region will be seamless, dynamic, resilient, and sustainable – and a place where everyone can enjoy the benefits and opportunities offered by deeper regional economic integration,” said Mr. Thiennukul.

The Chair also highlighted the global agenda of sustainability. “We think business can play a fundamental role in helping to develop innovative ideas on climate change and supporting the transition to a sustainable, resilient, and low-carbon economy for the future generation, and supporting Bio Circular Green (BCG) Economy Model.”

ABAC will have several opportunities to convey business views on a range of topics across to APEC noting that a series of APEC Ministerial Meetings are scheduled to take place covering food security, SMEs, women, health and the economy and finance. The meeting endorsed several letters to relevant APEC ministers. 

ABAC Chair Mr. Thiennukul expressed his gratitude to all ABAC members, especially ABAC Viet Nam, for hosting this entirely physical meeting. The meeting reaffirmed ABAC’s intention to enable the resumption of business and cross-border travel, to learn to live with COVID-19, and to live in the “New Normal”.

His Excellency Mr. Nguyễn Xuân Phúc, President of Viet Nam, delivered the keynote address during the opening session. ABAC Members also attended the Forum on Business Linkage on Viet Nam Eastern Highway Economic Corridor (VEHEC) and the Investment Promotion Conference of Quang Ninh Province 2022: “Quang Ninh – Combine The Best” held on the side of the meeting, where they also had the opportunity to meet Leaders of Viet Nam and top leaders of provincial administrations of 04 provinces which are located along Viet Nam’s eastern highway. Through these side events, the ABAC delegates have witnessed firsthand not only the natural beauty of Vietnam but also the business opportunities and the dynamic growth of Vietnam economy, truly like a “rising Dragon”.

“This reflects the high importance which the Government of Viet Nam accords to ABAC as well as the determination on both sides to work together to reinvigorate the Asia-Pacific economy”, said the ABAC Chair.

Anh Mai (Vietnam Business Forum)