Chairman's Message

Dear Members,

As PBEC’s recently elected Chairman, it is a pleasure and a challenge to take the helm of this venerable organization. On behalf of the Board and our members, I extend our appreciation to Dr. Vachara Phanchet, PBEC Chairman 2007-2009, for his dedication and engagement in advancing PBEC’s work. Ensuring continuity in our endeavors, Dr. Vachara remains on the PBEC Board as Chairman Emeritus and Director.

PBEC’s Board of Directors includes longstanding and dedicated members as well as new enthusiastic faces. I thank the continuing Directors for their commitment to the organization and welcome the new Directors onboard. Through our members and Board, PBEC gathers a wealth of knowledge and experience in conducting business in Asia Pacific.

As a result of the global economic crisis, businesses around the world have had to adapt in order to survive. And change is hard. PBEC has not been immune to the aftershocks of economic reality. After a tough year, PBEC has streamlined its operations into a much leaner structure. In doing so, we have paid careful attention to maintaining our level of service to our members and the execution of PBEC’s mission.

On behalf of the PBEC Board, I take this opportunity to thank PBEC President Martin J. Craigs for his invaluable advocacy and work on behalf of PBEC and its members and wish him much success in his future endeavors.

The unprecedented global economic crisis has given us much to consider. As put forth in the APEC 2009 Leaders’ Declaration, economic recovery and growth will need to be sustainable, balanced, inclusive, and broad based. Taking the long view, we share the optimism in the region’s economic recovery and firmly believe that the way forward is through ongoing regional economic integration and open markets.

Although our business interests in Asia Pacific are varied, PBEC members share a commonality of purpose in promoting a decidedly pro-business agenda. To disengage from ongoing policy discussions is not an option for the private sector. Businesses have often times not only spearheaded but been the precursors of future bilateral and multilateral government initiatives.

Our work, then, continues uninterrupted.

Bernard S. Y. Fung
PBEC Chairman

After COP15: What’s Next For Business? – January 28, 2010

In consideration of the far reaching implications of the ongoing climate talks, PBEC Chairman Bernard Fung attended a “After COP15: What’s Next for Business” panel discussion on January 28. Organized by the Hong Kong Business Coalition on the Environment (BCE), InterCham, Hong Kong General Chamber of Commerce, and Civic Exchange, the seminar welcomed Simon Reddy, Executive Director of C40 Large Cities Climate Leadership Group, who spoke about global efforts in managing climate change and the important role cities can play in reducing carbon emissions.

Dr. Jeanne Ng, Group Environmental Affairs Director CLP Holdings, Dr. Glenn Frommer, Head of Sustainability Development MTR Corporation, and Sandy Edge, Principal of Woods Bagot Asia, spoke about sustainable development, best practices, and developing a low carbon economy. Dr. Trevor Ng, Sustainable Building Design Consultant of Ove Arup and Partners, presented 3 possible scenarios for a low carbon Hong Kong taking into account current emission trends and comparing them to the APEC target, China’s 40-45% carbon intensity reduction target, and the 2˚C˙limit. Christine Loh, Chief Executive of Civic Exchange, moderated the panel discussion and Q&A session.

During the event, the Hong Kong Business Coalition on the Environment (BCE) released a Joint Statement on Climate Action urging the HKSAR Government to set concrete carbon reduction targets and benchmark against the best practices of other metropolitan cities in developed countries.

Civic Exchange is organizing a 4-day climate change conference in Hong Kong titled Climate Dialogue – Low Carbon Cities for High Quality Living conference from November 3-6, 2010.

• C40 Large Cities Climate Leadership Group
• Possible Scenarios for a Low Carbon Hong Kong
• Civic Exchange Climate Dialogue – Low Carbon Cities for High Quality Living Conference
• BCE Statement on Climate Action
• Seminar Podcast

Asian Financial Forum – January 20-21, 2010

PBEC was pleased to once again sponsor and participate in the timely Asian Financial Forum in Hong Kong this past January. Over 1,500 business leaders, investors, key financial players, government leaders, and more than 350 journalists and media representatives from 31 countries and regions participated in AFF 2010.

PBEC’s booth at AFF’s Networking Lounge provided an excellent platform for PBEC Treasurer Bernard Pouliot and members of PBEC staff to engage forum participants in meaningful dialogue and exchange while promoting PBEC events and activities.

Under the theme of Asia in the New Economic Order, the 2-day conference began with addresses from Donald Tsang, Chief Executive of the Hong Kong Special Administrative Region, and Jack So, Chairman of the Hong Kong Trade Development Council (HKTDC), followed by a Plenary Session featuring Dominique Strauss-Kahn, Managing Director, International Monetary Fund, Liu Mingkang, Chairman, China Banking Regulatory Commission, and Korn Chatikavanij, Minister of Finance Thailand.

With China and Asia as the principal focus of the conference, panel discussion speakers discussed financial reform and regulation, global investment strategies, the internationalization of the renminbi, carbon finance, and infrastructure financing in Asia. AFF participants also had the opportunity to attend concurrent workshops that concentrated on topics ranging from financial cooperation in Greater China, Islamic finance, European financial institutions in Asia, to investment opportunities in Russia and the CIS. DealSource, a pre-arranged business matching platform, was an additional highlight of the AFF.

AFF 2010 featured over 60 notable speakers including E. Gerald Corrigan, Managing Director, Goldman Sachs, Lou Jiwei, Chairman and CEO, China Investment Corporation, Huang Huahua, Governor of Guangdong Province, Richard Sandor, Chairman, Chicago Climate Exchange, and Nouriel Roubini, Professor of Economics, Stern School of Business, New York University.

• To view an interview with PBEC Treasurer Bernard Pouliot, click here
• For more information including AFF 2010 program highlights and speeches click here
• For AFF 2010 related videos click here

AFF Photo Gallery

APEC CEO Summit 2009 Highlights

Hosted in Singapore this past November, the APEC Economic Leader’s Meeting and APEC CEO Summit brought together APEC heads of state and over 1,200 CEO’s, influential thought leaders, and policymakers to discuss paths leading to greater economic integration and growth in Asia Pacific. Taking place a year after the global economic crisis, the APEC CEO Summit’s theme Rebuilding the Global Economy: Crisis and Opportunity could not have been more timely.

Dominating the agenda were discussions regarding accelerating Asia Pacific’s economic integration and consolidating the region’s economic recovery along with the determination to develop a long-term growth strategy that is sustainable, balanced, inclusive, broad based, and durable. While reaffirming a strong anti-protectionist position, APEC leaders acknowledged the need for a “new growth paradigm” that sets the stage for the negotiation of far-reaching policy decisions down the line.

Aimed at further promoting regional economic integration and reducing the cost of doing business in Asia Pacific, APEC economies set forth a set of deliverables including reducing business transaction costs by 5% in 2010; a 25% reduction in cost, time, and number of procedures that businesses face when starting a business, getting credit, enforcing contracts, dealing with permits, and trading across borders by 2015; and unblocking 8 key chokepoints in regional logistics and transport networks to facilitate the flow of goods and services.

Japan will host APEC in November 2010, followed by Hawaii in 2011. Closely coordinating agendas between this year’s host economy, Japan, and the United States is an unprecedented and welcome development in APEC’s 20-year history.

PBEC at APEC CEO Summit 2009

PBEC and the Young Presidents Organization (YPO) co-sponsored and hosted a dinner during the APEC CEO Summit. PBEC Chairman Bernard Fung had the pleasure of introducing the event’s keynote speaker, H. E. Abhisit Vejjajiva, Prime Minister of Thailand, and moderating a lively Q & A following his remarks. Taking stock of Thailand’s charged political and economic landscape, Prime Minister Vajjajiva addressed the ongoing challenges facing his administration.

PBEC at APEC Photo Gallery

From left to right: H. E. . Vejjajiva, Prime Minister of Thailand; K. Chatikavanij, Minister of Finance Thailand, and PBEC Chairman B. Fung; H. E. . Vejjajiva, Prime Minister of Thailand, PBEC Chairman B. Fung, & Mrs. Fung; PBEC YPO dinner.

• APEC – http://www.apec.org & http://www.apec2009.sg
• APEC Leaders’ Statement A New Growth Paradigm for a Connected Asia-Pacific in the 21st Century
• APEC Economic Leaders’ Statement Sustaining Growth, Connecting the Region