APEC business leaders hold their first summit

VANCOUVER, Canada (JP): The role of the private sector in the Asia Pacific Economic Cooperation (APEC) forum will gain greater momentum this week when APEC business leaders hold their first summit.

Six APEC leaders and 20 ministers of trade and foreign affairs are among those scheduled to address 200 of Asia Pacific's prominent business leaders in a four-day meeting which began with a reception yesterday.

"The tremendous interest in this first APEC CEO Summit shows that governments appreciate the critical role the private sector plays and must continue to play in helping economies of the Asia- Pacific region deal successfully with the challenges they face today," said Thomas d'Aquino, chairman of the meeting's organizing committee.

"Ensuring that trade and investment liberalization and economic growth provide the widest possible benefits to citizens and societies should be a hallmark of Asia-Pacific entrepreneurship," d'Aquino added.

Among those that will be addressing the meeting are Canadian Prime Minister Jean Chretien, Malaysian Prime Minister Mahathir Mohamad and United States Secretary of State Madeleine Albright.

Indonesia's Coordinating Minister for Production and Distribution Hartarto will be a panelist during a session on the pace of liberalization. Businessman Sofjan Wanandi of the Gemala Group will sit in as a panelist discussing business strategies.

The meeting's agenda includes sessions on the currency turmoil, infrastructure development, protection of intellectual property rights and sustainable development.

D'Aquino said that the meeting can serve as a forum of dialog between governments and the private sector, thereby fulfilling the often touted role of the private sector as the engine of growth in the region.

"At this meeting, our primary objective is not to give advice to governments but to exchange frank views on what business leaders in Asia Pacific must do to encourage the continuing spread of prosperity throughout the region," d'Aquino said.

The meeting is jointly organized by the Pacific Basin Economic Council and Canada's Business Council on National Issues. (mds)