7th Asian Business Summit, Singapore:
Business Leaders Set Measures to Sustain Region’s Economic Dynamism

Last July 16, 2016, business leaders from 10 Asian economies converged to hold the 7th Asian Business Summit at the Grand Hyatt Hotel in Singapore. In a Joint Statement, the participating nations delineated measures to sustain Asia’s economic dynamism and described the role the private sector has in supporting the endeavor.

Four topics were highlighted in the meeting namely Regional Economic Integration, Infrastructure Development, Innovation & Technology, and Environment & Energy. The delegates agreed to advocate for the goals set during the meeting and provide actionable inputs to the policy makers of their respective Economies.

On the subject of Regional Economic Integration, The Summit placed particular importance on the need to have inclusive Economic Partnership Agreements (EPAs) and Free Trade Agreements (FTAs). It sees the implementation of EPA/FTAs as a way to liberalize trade, raise the price competitiveness of the region as a whole, and attract more foreign direct investments especially in the manufacturing and services sectors.

Meanwhile, for Infrastructure Development, the business leaders acknowledged the pressing need of infrastructures such as logistics (railways, harbors, airports, LNG terminals etc.), electric power plants, and telecommunications in Asian economies.

The Summit believes that through reduced customs duties on materials/equipment, transparent domestic regulations, sufficient protection of intellectual property rights and unrestricted remittance, a business environment in which private sectors could undertake infrastructure projects without encountering operational obstacles can be created.  

For Innovation & Technology, The Summit encouraged the establishment of special economic zones (SEZs) in each Economy, which offer incentives to companies and research institutes devoted to developing breakthrough technologies. It also encouraged broader cooperation with third economies in making sure that issues concerning region-specific standards and technical regulations do not stifle business activities in the region.

Lastly, on the discussion about Environment & Energy, The Summit urged the prompt ratification and implementation of the Paris Agreement signed last December 2015 under the United Nations Framework Convention on Climate Change (UNFCCC).

Also, to address the issue on emissions and energy efficiency, the leaders encouraged the deployment of energy-efficient infrastructure, housing, motor vehicles, and household appliances as well as eliminating trade barriers on environmentally friendly goods.

In total, 11 business organizations from 10 Asian Economies participated in the meeting. A complete list of delegates and their respective organizations/companies can be found under the References section below.
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References:
7th Asian Business Summit Joint Statement
7th Asian Business Summit List of Delegates
7th Asian Business Summit Program
7th Asian Business Summit Photo Album

 


PHILJEC-JPECC Hold 34th Joint Meeting Celebrating 60 Years of Phil-Japan Relations

The Philippines-Japan Economic Cooperation Committee, Inc. (PHILJEC) and its counterpart, Japan-Philippines Economic Cooperation Committee (JPECC) held their 34th joint meeting at the New World Hotel in Makati City last February 22-23, 2016.

To commemorate the 60th Anniversary of the normalization of bilateral ties between Japan and the Philippines, this year’s meeting adopted the theme of “Philippines-Japan@60 Onwards,” and served as a forum for the discussion of socio-economic issues and collaborative ideas that will enable the two economies to effectively compete in the global market.

PHILJEC Chairman, Roberto Jose Castillo and JPECC Chairman, Toshiyuki Shiga welcomed key speakers and delegates from respected government institutions and private companies, which included Department of Trade and Industry (DTI) Secretary, Adrian S. Cristobal, Jr. and Japanese Ambassador to the Philippines, Kazuhide Ishikawa among other distinguished guests.

“We are profoundly honored that this 60th Anniversary [of the establishment of normal diplomatic relations] was marked at the first month of this year by the visit to the Philippines of their Majesties: Emperor Akihito and Empress Michiko,” Chairman Castillo remarked during his welcome speech.

Expounding more about the Emperor’s visit in the previous month, Castillo shared, “I, myself, was asked by His Majesty Emperor Akihito to keep helping enhance the business relations between Japan and the Philippines. In my mind and in my heart, His Majesty’s request is a most honorable command to me and to all of us in PHILJEC.”

Discussions in the meeting focused on issues affecting businesses in the Philippines and Japan: The socio-economic and monetary situation in the Philippines and Japan; the promotion of investment in automotive, electronics, power and science and technology industry in the two countries; and possible business collaborations that could help the two nations continue to be globally competitive.

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References:

PHILJEC Chairman, Roberto Jose Castillo Opening Remarks
PHILJEC-JPECC 34th Joint Meeting Program
Congratulatory Message from President Benigno Aquino III
PHILJEC-JPECC 34th Joint Meeting Photo Album
PHILJEC-JPECC 34th Joint Meeting Presentations


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