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VISION: The Think Tank for Business Leaders in Asia Pacific – advocating for open trade and the flow of goods and services in today’s complex digital economies.
“PBEC releases its Global Sourcing Report on APAC 2023

Regional trends in global sourcing

As businesses assess their operational capacity needs for a predicted bumpy recovery, to recalibrate during and post-pandemic, it is crucial to understand what brought us to this point and where it is likely leading us.

The Pacific Basin Economic Council (PBEC), Monash University Malaysia and KPMG, together with contributions from PBEC members, are pleased to publish this report on global sourcing, reviewing the most recently announced supply chain and sourcing movements in the region, charting a new course in Asia Pacific.

Read more…

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: What are the benefits for Hong Kong business in joining RCEP trade area? – June 2024

A perspective from the Pacific Basin Economic Council (PBEC) on the potential benefits for Hong Kong businesses in joining the Regional Comprehensive Economic Partnership (RCEP) trade area should its current application be finally approved: The Pacific Basin Economic Council views Hong Kong’s application to join RCEP as a positive development that could deliver significant economic benefits for Hong Kong businesses. As an export-oriented economy with deep trade linkages across the Asia-Pacific region, Hong Kong’s membership in RCEP makes strategic sense….

: PBEC’s GS1 Hong Kong celebrated its 35th Anniversary with a prestigious gala dinner at Ocean Park Marriott Hotel- Mar 2024

An impressive 35th Gala Anniversary Dinner was hosted by GS1 HK – many congratulations to PBEC’s BoD and GS1 CEO Anna Lin and her wonderful team. A very impressive turnout and PBEC members were excited to reconnect with so many peers and friends and collaborate on mutual beneficial areas of interest including our upcoming report.  It was a great opportunity to engage with Financial Secretary Paul Chan of HKSAR Government amongst others included Tencent, Cyberport, DF Group, DHL etc…..

: PBEC’s BoD ICAEW hosted a Spring Networking Cocktail at the British Consulate in Hong Kong – Mar 2024

Several PBEC members and our Chairman were in attendance at a wonderfully hosted Spring Networking ICAEW event in HK at the British Consulate. It was great to see Chairman Andrew Weir saying a few words together with PBEC’s ICAEW Mary Simpson Director of Int’l Member Engagement – APAC & PBEC BoD Peter Burnett supporting this timely catch-up with Government representatives and friends.

: Singapore to Introduce Mandatory Climate Reporting Beginning 2025 – Mar 2024

Singapore will implement mandatory climate-related reporting requirements for listed and large non-listed companies, with obligations for some to begin disclosing in line with the IFRS’ International Sustainability Standards Board (ISSB) standards starting as early as 2025. The new rules were announced today in the Parliament of Singapore by Second Minister for Finance Chee Hong Tat, with details of the new mandatory reporting requirements subsequently released by Singapore’s business reporting, accounting and corporate services and markets regulators the Accounting and Corporate…

: APEC Members Pursue New Approaches to Reignite the FTAAP – Mar 2024

APEC member economies are considering innovative and improved approaches to revitalize the Free-Trade Area of the Asia-Pacific (FTAAP) as a major instrument to further APEC’s regional economic integration agenda. The FTAAP was envisioned by APEC Leaders in 2006 as a comprehensive free trade agreement built on regional undertakings. It was originally proposed by the APEC Business Advisory Council (ABAC) 20 years ago. As host of APEC 2024, Peru is taking the lead to advance this agenda through a series of dialogues in…

: APEC Peru 2024 Update

The APEC Peru 2024 priorities website, for its host year under the theme “Empower. Include. Grow”. You can now visit their website to learn more about the following #APECPeru2024 priorities: 1) Trade and investment for inclusive and interconnected growth. 2) Innovation and digitalization to promote the transition to the formal and global economy. 3) Sustainable growth for resilient development. Click here: https://www.apec.org/2024-peru-priorities

: Vietnam and Thailand lead trade growth as Asia resists economic downturn – Feb 2024

We have seen some encouraging end of 2023 results coming through these past week from Asian economies like Vietnam, Philippines and South Korea in particular export data, but whilst there is optimism for 2024 amongst economists for certain ASEAN economies including Thailand, Indonesia, Malaysia & India. It can’t hide the fact overall there is still alot of risks around and a real lack of support for SME’s still suffering to adapt to the lack of demand and price sensitive consumers….

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Dr. Morgan Carroll resides in Hanoi, Vietnam and recently stepped down as the Director of Environmental, Social, & Governance (ESG) at Vingroup and VinFast. He was responsible for developing and implementing global ESG strategies in Vingroup and VinFast to enhance the business sustainability culture. He is originally from South Africa and resides in Vietnam. Dr. Morgan has demonstrated proficiency in the complex Environmental Social Governance landscape for multiple MNC’s and sectors which is a key area of focus for the…

Airbus Corporate Jets and Jet Aviation invited PBEC members to visit one of the latest large cabin aircraft available in the shape of the A220CJ, a fabulously designed interior to cater upto 28 passengers in maximum comfort. Ideal for Government delegations and MNC’s in APAC to move around in secure and safe surrounding on your own schedule.

A PBEC Insight: AI is being implemented in various ways within supply chain management, leading to significant advancements in operational efficiency and decision-making. Here are some examples of how AI is currently being used: Demand Forecasting: AI algorithms analyze historical sales data, market trends, and external factors to generate accurate demand forecasts, enabling organizations to optimize inventory levels, reduce costs, and meet customer demands effectively. Route Optimization: AI-powered systems optimize transportation routes by considering factors like traffic congestion, delivery time…

The year ahead will be pivotal for many board members. During the KPMG INED Forum, PBEC Chair Andrew Weir, KPMG’s Global Chair of Asset Management and Real Estate, outlined 10 critical areas for directors to focus on and better navigate the opportunities ahead. These areas include accelerating digital transformation, leveraging Gen AI and bolstering cyber defences. See attached mini report.

PBEC welcomes our newest member Stephan Kochem from SICA – Swiss Insurance & Capital Advisors – leading specialists in the global reinsurance market with a particular focus on expanding their unique offering to Asian clients and new markets in the renewable energy, O&G & real estate sectors. Learn more about Stephan here: https://www.sica.ag/en/stephan-kochem-en/ – he visited Hong Kong and Manila in April and arranged proposals for some our PBEC members already in the re-insurance coverage for coal-fired power stations in…

Congratulations to PBEC’s Board of Director Peter Burnett who received his OBE in person from Her Royal Highness Princess Anne in Windsor two years on from being bestowed this wonderful award & recognition for all the work he has done. In 2022 Peter was honoured by Her Majesty, Queen Elizabeth in her last New Year’s Honours but due to Covid restrictions the official ceremony was postponed till 2024. PBEC is so very proud of you. Click images to enlarge

“Lots happening this week at ABAC/APEC in San Francisco around resilience of supply chains, sustainability, financial inclusion, digitisation, AI, etc – not to mention that all important meeting between two Presidents. And then there’s Boeing showcasing the first autonomous, battery-powered air taxi called “wisk” in a fetching bright yellow livery which can’t be missed ! The target price point is an Uber fare. I offered to be the first hailing passenger!” said PBEC’s BoD Peter Burnett OBE, BBS, JP

On October 29th 2023 – PBEC’s Sebastian Man hosted a small group of distinguished leaders in HK including PBEC CEO Michael Walsh for a dinner with the Former Consul General of the USA to HK and Macau Kurt Tong. He joined The Asia Group LLC a business advisory firm in 2019 with offices across Asia and HQ in Washington D.C.  Kurt Tong is Managing Partner and member of the Executive Committee at The Asia Group, where he leads consulting teams…

About PBEC

PBEC – Pacific Basin Economic Council is by invitation ONLY a members based institution, that supports connectivity and cross-border regulatory standardisation efforts within APAC for all technological advancements, through dialogue, engagement and collaborative efforts.

Our Mission

PBEC’s focus is to continual attain recognition as the most comprehensive multilateral platform for APAC business leaders to engage with, advocating key trade issues of importance under a fair rules based system, thus promoting cooperation amongst member States to achieve inclusive, sustainable economic and social development in Asia and the Pacific.

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PBEC’s Miguel Aboitiz of Aboitiz Power Corp, Philippines 2 minute Economic Update – Apr 2024
PBEC Members Regional Briefing Q1 Meeting Recording – Apr 2024

AGENDA ITEMS:

1) Welcome remarks and regional perspectives by PBEC’s Chairman Andrew Weir MBE JP.

2) Remarks by Vice Chairman Dr. George Lam.

3) Insights from PBEC’s Anson Bailey’s interview with AI Futurist Zach Kass, formerly of Open AI.

4) Brief update from ABAC Canada’s Joseph Fung MD of Saltagen Ventures on the Food Security track at APEC, including observations from ABAC I Meeting in KL and the upcoming ABAC II meeting in Hong Kong SAR.

5) Observations and activities from Q1 and upcoming climate disclosures report by PBEC’s Michael Walsh, along with member events hosted overseas.

6) Open floor for additional comments and updates from delegates in attendance.

7) In closing remarks and action items – the Chair brings meeting to a Close

The Value Prop – episode 25

We are delighted to be joined by Andrew Weir our Chairman and Senior Partner and Vice Chairman of KPMG China on our latest episode of the Value Prop. Andrew provides us with some excellent commentary on the big topics concerning his clients and sharing some of his insights on the current status of APAC’s economy and where its heading into the latter part of 2023.

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Global Trade Modernization Index ICC Event - image 1

ICC/Milken Institute & Asia Global Institute release its Global Trade Modernization Index in Hong Kong – Apr 2024

PBEC CEO Michael Walsh was a special guest alongside ICC Senior Directors Pamela Mar and Sebastian Man as well as Ambassador Curtis Chan of Milken Institute Asia and the former Financial Secretary of HKSAR amongst others including PBEC’s Peter Burnett, HKMA and FSDC senior executives. The index showed country ranking for digital adoption in supply chains and friendliness for FDI’s. Singapore came out 1st, Hong Kong SAR 4th, Taiwan, ROC 10th and Malaysia 15th, Japan 17th and South Korea 18th…

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