Xinhua – Business leaders
from the APEC Business Advisory Council (ABAC) on Wednesday discussed the path
to achieving a speedy and sustained recovery, and regaining the momentum for
sustainable, inclusive, and resilient growth.
The
ABAC, with its main mandate of delivering recommendations and advising APEC
members on the business sector’s concerns and important issues, released a
Report to APEC Economic Leaders, as well as a report for the business sector.
The
APEC Economic Leaders’ Meeting is scheduled to be held in the Thai capital on
Friday and Saturday under the theme of “Open, Connect, Balance.”
Kriengkrai
Thiennukul, the ABAC chairman, said obstacles, including food and energy
instability, impacts from the COVID-19 pandemic, supply chain disruption, and
increasing pressure from inflation, are crippling the region in achieving
APEC’s mission to become an open, dynamic, resilient, and peaceful Asia-Pacific
community by 2040, according to an ABAC statement.
In
the report, the ABAC called on APEC members to implement monetary policy to
keep inflation under control, and fiscal policy to head off a wage-price spiral
over the short term. It also highlighted the need to confront the food security
crisis, and eliminate restrictions to the movement of essential goods and
services critical to fighting the pandemic.
To
achieve sustainable and inclusive growth, the APEC economies should advance
toward sustainability, deepen regional economic integration, and foster an
enabling environment through digitalization, said Thiennukul.
For
the business sector, a report titled “Asia Pacific’s Time: Responding to the
New Reality” was delivered by PwC, the knowledge partner of this year’s APEC
CEO Summit to be hosted and chaired by the ABAC on Thursday and Friday.
It
outlined five aligned and mutually reinforcing success factors, namely supply
chains, regional enterprise growth, digital economy, workforce, and the
evolving ESG (Environmental, Social, and Governance) landscape, which will
drive differentiation and competitiveness for businesses to prosper in the
region.
ABAC
Executive Director 2022 and ABAC Thailand Alternate Member Montri Mahapreukpong
stressed the importance of informal support from the private sector for the
business sector, a primary economic, trade, and investment driver in the
Asia-Pacific region.
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