Asian corporate chiefs meet in Bali on crisis

JAKARTA (JP): Corporate chiefs from around Asia started three days of discussions yesterday in Nusa Dua, Bali on the economic crisis besetting the region.

The gathering of 150 executives, called The President Forum, is to discuss ways Asian businesses can weather the current economic storm and emerge stronger and more competitive.

The President Forum is sponsored by Business Week, a business weekly magazine, and supported by AT Kerney, Oracle and the Swiss Bank Corp.

The corporate chiefs will also consider management challenges and business issues impacting their investment and operational strategies.

Indonesian Minister of Finance Mar'ie Muhammad, Coordinating Minister for Production and Distribution Hartarto and Thailand's Deputy Prime Minister Supachai Panitchpakdi will be keynote speakers at the forum.

AT Kearney's vice president for Asia-Pacific Bill Best said the forum was timely because corporate leaders must determine not only the impacts of the economic crisis, but also the best responses to be taken.

"Currency turmoil, tighter credit, reduced consumer demand and debt payments have created new challenges for companies across Asia," he said.

"In response to the changing market environment, businesses must reevaluate corporate strategies and operations across the region. But amongst the chaos are important opportunities for companies that make the right strategic moves," he added.

During the forum, participants will have an opportunity to engage leading experts in a dialog concerning financial strategies, changing family business traditions, management processes, repositioning of company activities, the role of technology and effective business strategies and operations.

The forum was developed in consultation with 24 leading chief executives serving as a board of advisors. They represent businesses based in Thailand, the Philippines, Malaysia, Hong Kong, Taiwan, South Korea, Indonesia, India, Singapore, the United States and Europe.

The gathering is limited to 150 of Asia's leading company executives to ensure lively discussions between true peers. Most participants are from outside of Indonesia.

Forum organizer Sam Moon said the overwhelming response from business executives from across the region to join the forum indicated a high degree of confidence in Indonesia's long-term prospects. (gis)