Asean trade prospects highlighted at APCAC summit

MANILA, Philippines - The Philippines was the venue of this year’s Asia-Pacific Council of American Chambers of Commerce (APCAC) Spring Summit, which brought together over 200 industry leaders from across the region.

Hosted by the American Chamber of Commerce of the Philippines (AmCham), this year’s summit focused on “Asia’s resurgence and America’s role,” attracting experts from around Asia to discuss how US businesses can respond to the challenges and opportunities in the region.

With the Philippines in an economic sweet spot with its domestic driven growth, it now offers opportunities for market access during an exciting period of shifting dynamics in the region. The Association of Southeast Asian Nations (Asean) economic integration draws closer and many factors will affect the business community.

Finance Secretary Cesar Purisima gave the keynote speech, emphasizing the potential Asean has for the business community and how the Philippines also offers investment prospects.

Citi Philippines CEO Batara Sianturi spoke on Asean trade opportunities along with Guillermo Luz, Private Sector Co-Chairman of the National Competitiveness Council, in a panel discussion moderated by AmCham Philippines President Rhicke Jennings.

Sianturi shared Citi’s unique position as a global bank, leveraging on its strategies for globalization, urbanization and digitization.

“Urbanization will lead to an increased number of megacities globally and by 2015, the Philippines will be in a demographic sweet spot”. He echoed Purisima’s pronouncement on the potential growth Asean could offer businesses. “The Asia-Pacific region, especially the Asean area, is an attractive destination for foreign investments” he said.

Sianturi presented an economic blueprint of the Asean community, arguing it is the regional hub of choice for many multinationals focused on growth. Asean is currently home to 74 companies in the 2013 Forbes Global Leading Companies List, a number that has doubled over the last seven years. By 2019, Asean is anticipated to become the 5th largest automotive market in the world, and infrastructure spending is seen to climb to an estimated $550 billion. “This is a region characterized with free movement of goods, services, capital, investment and skilled labor – all catalysts for sustained growth.”

As the region moves forward, Sianturi also emphasized the role digitization plays in Citi’s global strategy. “As businesses move towards the digital sphere, Citi will continue to lead innovation and deliver value to its clients, connecting cities and enabling progress.” He closed his discussion with Citi’s footprint in the Asia-Pacific region where the firm has held a strong presence for over 100 years. “With a franchise that spans 18 countries and has over 55,000 employees, Citi has been widely recognized as a market leader in the region.” Citi plays a pivotal role wherein its global best practices can be leveraged to help cities and nations move forward as the region integrates into one unit.

The country will host the Asia-Pacific Economic Cooperation (APEC) meeting in 2015 and the APCAC summit provided insights from industry leaders over three days, creating a dynamic discussion on how the country can be a competitive player and leverage on its growth.