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The Private Sector Discusses Recommendations at the APEC 2022 Under the Concept ‘Embrace, Engage, Enable’

The Private sector, under the lead of APEC Business Advisory Council (ABAC), the host and chairman of the ABAC 2022 meeting and APEC CEO Summit 2022, under the concept “Embrace, Engage, Enable”, is ready to deliver recommendations and ways to drive the economy to the policy sector at the APEC 2022. With support from PwC as the APEC CEO Summit 2022’ as ‘Knowledge Partner’, ABAC is ready to deliver the Thought Leadership report to the business sector, which will be important to the drive and overcome of challenges for the private sector’s businesses in the near future.

Recommendations for APEC’s Economic Leaders
ABAC is the private-sector arm of the Asia-Pacific Economic Cooperation. The main mandate of this council is to deliver recommendations to APEC leaders in the annual meeting and to advise APEC members on the business sector’s concerns and important issues. ABAC meeting will be held 4 times per year. In the meantime, ABAC members will join the senior officials meeting, annual ministerial meeting, and APEC’s ministerial meeting, which are held all year.

In the past year, the Asia Pacific region has faced significant disruption from the COVID-19 pandemic, challenges from war, food crisis, energy crisis, and inflation, etc. The delivery of recommendations by the ABAC 2022 under the concept “Embrace, Engage, Enable” this year is considered a new dimension to the world situation, which is the embracing of opportunities, the engaging between parties, and the enabling of new possibilities with the main objective being to support the recovery and the re-energizing of economies.

Mr. Kriengkrai Thiennukul, ABAC 2022 Chair
, said, “This year, ABAC’s recommendations are collected considering economic conflicts and trends which are deeply connected. We have faced many obstacles, such as food and energy instability, impacts from the great pandemic, global disruption in the supply chain, and increasing pressure from inflation. These obstacles have disabled the region’s capability to achieve APEC’s mission which is to be an open, dynamic, resilient and peaceful Asia-Pacific community by 2040 for the prosperity of all our people and future generations. After 3 major meetings all year in Singapore, Canada, and Vietnam, until this last meeting in Bangkok, Thailand, from the 13th to the 16th of November, we can say that we have finalized 69 recommendations under 2 objectives which are “Promoting speedy and sustained recovery” and “To regain the momentum for sustainable, inclusive, and resilient growth”. The latter includes advancing toward sustainability, deepening regional economic integration, and fostering an enabling environment through digitalization. The working group will then deliver the complete report to APEC leaders.”

Recommendations for the Business Sector
Besides delivering the recommendations to the policy sector, ABAC is also the host and chair for the APEC CEO Summit 2022 from the 16th to the 18th of November under the concept “Embrace, Engage, Enable”. This summit gathers economic leaders, thought leaders, and leading CEOs to exchange trade perspectives, investments, and the social drive to allow the Asia-Pacific region to embrace the opportunity, engage through collaboration, and enable new possibilities together with the private sector.

Mr. Montri Mahapreukpong, ABAC Executive Director 2022 and ABAC Thailand Alternate Member
, mentioned the importance of information support from the private sector for the business sector, which is the primary economic, trade, and investment driver in the Asia-Pacific region. “Even though ABAC’s primary role is to deliver recommendations to the policy sector, in order to enable the private sector to function thoroughly and powerfully, we emphasize supporting entrepreneurs in all channels through the reports which serves to be a recommendation to the business sector on key issues. As we all realize, businesses are facing all-around challenges, including pressure from higher inflation, adaptation to changes in many factors, such as faster digitalization of businesses and consumers, and the problem of climate change, which the entire world, including the Asia-Pacific region, is focusing on right now. We believe that during these times, the business sector requires reliable information that will be used as a guideline for immediate adaptation.”, Mr. Montri said.

The report was developed by PwC, APEC CEO Summit 2022's knowledge partner, in providing insights during the meeting. Mr. Kasemsit Pathomsak, Executive Director, APEC CEO Summit 2022 and ABAC Thailand Alternate Member, has commented on the support, “With ABAC’s role as host and chair of APEC CEO Summit 2022, we see the importance of having insights for this historic summit. Apart from the intense conversation during the summit, we have important recommendations-filled report for the business sector to utilize to create the appropriate business strategy in the future. The host appreciates PwC's support as a knowledge partner in delivering this Thought Leadership report. We believe it would be useful for both the summit and the business sector to use reports as a guideline for creating sustainability and stability.

Mr. Sridharan Nair, Vice Chairman Markets, PwC Asia Pacific
, referred on PwC’s support of the Thought Leadership report under the title ‘Asia Pacific’s Time: Responding to the New Reality’. “Businesses have a critical role to play in driving Asia Pacific’s continued growth and shaping its future as a resilient and sustainable economic powerhouse. To do this, there is an urgent need to translate the uncertainty that today’s reality brings into opportunity. Business leaders need to be bold to adapt and evolve at speed, focusing on building trust and collaborating with all stakeholders. To do this, we have outlined five aligned and mutually reinforcing success factors - supply chains, regional enterprise growth, digital economy, workforce and the evolving ESG landscape, that will drive differentiation and competitiveness for businesses to prosper in the region.”, said Mr. Sridharan.

The Significant Force in Driving the Economy

The delivery of ABAC’s recommendations from the private sector to the policy sector and the Thought Leadership report from the private sector to the business sector that will be happening through the ABAC 2022 will be a key force to drive the economy because the business sector is the main driver in creating trade growth in the Asia Pacific region through APEC.

The private sector, led by the ABAC 2022, trusts that the recommendation will help unite APEC to drive the Asia Pacific region to create harmony and dynamics by promoting open and free trade and investment, supporting and accelerating the unity of the economy at a regional level, and supporting economic and technical collaboration, supporting humanity stability, and facilitating favorable and sustainable business environment to allow policies to become concrete and create tangible agreements that are beneficial for people together.

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