3rd ABAC Meeting In KL

Bandar Seri Begawan - Members of the 3rd APEC Business Advisory Council (ABAC) met for their third meeting in Kuala Lumpur, Malaysia from August I till 4.

The business leaders from APEC's 21 member economies finalised the 2005 `Report and Recommendations to Leaders', at the meeting, a press release stated.

The report is a set of recommendations intended to promote trade and investment liberalisation and facilitation efforts in the region and help drive the global economy forward over the coming year.

Three critical issues in the area of finance will be brought to the attention of APEC economic leaders.

The issues are the need for a robust outcome to the liberalisation of financial services in the WTO Doha Development Agenda; the need for governments to give priority to strengthening and deepening the region's financial systems that support economic growth and development; and the need to strengthen the capacity of the region's small business to compete in the global economy.

ABAC suggested that online e-Sourcing platforms can enhance the competitiveness of SMEs and widen their sourcing opportunities. ABAC continues to emphasise the importance of specific support mechanisms for SMEs in the private sector, including targeted training programmes and awareness building in trade promotion agencies.

Hj Idris bin Hj Abas, a member ofABAC Brunei, highlighted that ABAC members also outlined steps to strengthen the capacity of the region's small businesses to compete in the global economy. He added that ABAC plans to work with executive committee volunteer organisations in various APEC economies to coordinate the supply and demand of executive volunteers to assist SMEs in developing economies.

ABAC Chairperson, Mr Jae-Hyun Hyun, from Korea, expressed concern over energy issues and raised three prime areas of concern. These are the need to increase energy supplies, find better ways to conserve and diversify energy sources and to encourage responsible energy uses.

The issues will be included in the annual ABAC report to APEC economic leaders to be presented during the APEC Economic Leaders' Meeting, which is to be held in Busan, Korea from November 16 till 18, where the CEO summit will be concurrently held.

Other members of ABAC Brunei include Awg Hj salleh Bostaman bin Hj Zainal Abidin and Awg Hj Mohd Rozelan bin Hj Mohd Daud. -- Courtesy of Borneo Bulletin

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