Brunei's Local News - Brudirect.com

Bandar Seri Begawan - In the face of financial crisis, Apec is proving to be the best tool the world's economy has to fight back, with Apec economies generating more international growth and world employment in the following months.

The remark was made by Peru's President Alan Garcia at the opening plenary of the 4th APEC Business Advisory Council (ABAC) - a significant business meeting of Apec with more than 63 delegates from 21 member economies.

During his address, Alan Garcia also said that he considers the current economic crisis just a growth, progress and transformation cycle.

"At present, the world has financial and scientific resources, as well as a huge market, with high-speed economic information and communication transactions," he said.

A great way to contribute towards solving the

world's financial problems is for the leader to propose the need to compromise economies as well as businesses that participate in the Apec forum and renew their decision to create a free trade area.

ABAC meetings will finish today and cover different working group sessions related to IT topics, liberalization, facilitation, Apec resources, economy and finance, among many others.

ABAC also concluded the 2mf Small and Medium Enterprises (SME) Summit on Monday as it prepared to address regional leaders. At the 2nd SME Summit, participants considered ways to improve their business performances in order to survive in increasingly competitive and challenging markets.

The summit further aimed at promoting the proactive participation of SME businesses from Apec member economies for the benefits of free trade and globalization.

The ABAC participants also called upon Apec leaders to implement three support programs - technological infrastructure, financing capability building and training. -- Courtesy of Borneo Bulletin