ABAC backs shared prosperity across the region

CEBU, Philippines — As the host for the third leg of the APEC Business Advisory Council (ABAC) Conference, ABAC Philippines (PH) eagerly anticipates the arrival of over 200 esteemed members and guests from the 21 APEC economies who will be attending the conference at the NuStar Convention Center from July 27-30, 2023.

For four days, this gathering will serve as a platform for meaningful dialogue, collaborative decision-making, and fruitful exchanges between economies. Led by ABAC PH Chair Tomas Alcantara, and ABAC PH members Joanne de Asis and Sabin Aboitiz, the ABAC PH takes great pride in facilitating an engaging and productive environment, fostering strong relationships, and paving the way for new opportunities and partnerships. This conference is poised to make a lasting impact on regional cooperation and to further strengthen the ties of the diverse economies of the Asia-Pacific.

ABAC is a key institution for fostering economic growth, cooperation, and partnership across the Asia-Pacific region. Comprising leading business executives from the 21 APEC economies, ABAC serves as a vital conduit between the private sector and APEC leaders, offering strategic advice and recommendations to shape policies that promote sustainable and inclusive development. With its unwavering commitment to facilitating trade, investment, and innovation, ABAC plays a pivotal role in driving economic integration and enhancing the competitiveness of businesses in the dynamic Asia-Pacific market. As ABAC embarks on its latest initiatives, it continues to be at the forefront of advocating for collaborative and forward-thinking approaches that harness the region's vast potential for shared prosperity.

In November 1995, APEC leaders created the ABAC because they were cognizant about the vital role of the business community and the value of having business leaders as experts in providing their views and advice on important matters.

ABAC holds the distinction of being the only non-governmental organization that engages in a formal dialogue at the APEC Economic Leaders' Meeting. The council serves as a dynamic platform that facilitates communication and collaboration between the private sector and APEC governments. Its primary objective is to provide recommendations and guidance on policy matters that impact the economic development of the Asia-Pacific region.

The Council convened its inaugural meeting and engaged in a dialogue with economic leaders in 1996, coinciding with the Philippines' first presidency of APEC. Ambassador Roberto Romulo of the Philippines assumed the role of ABAC's inaugural chairman, bringing valuable leadership and expertise to the council's initiatives.

To effectively communicate its insights, ABAC produces an annual report that encompasses a comprehensive examination of significant economic challenges and opportunities. These reports offer practical information to policymakers, corporations, and other stakeholders in the region, enabling informed decision-making.

Guided by this year's theme of "Equity. Sustainability. Opportunity," the ABAC 2023 work program prioritizes several key areas:

Economic Integration Working Group: This group focuses on promoting and advancing economic integration within the Asia-Pacific region. By facilitating trade and investment flows, reducing barriers, and fostering cooperation, ABAC aims to enhance regional economic integration.

Sustainable Growth Working Group: ABAC recognizes the importance of sustainable development and endeavors to promote environmentally friendly practices and policies. The Sustainable Growth Working Group addresses issues such as climate change, resource efficiency, and green technologies to foster sustainable economic growth in the region.

Digital and Innovation Working Group: In the era of rapid technological advancement, ABAC recognizes the significance of digitalization and innovation. This working group explores ways to harness digital technologies, promote digital inclusion, and foster innovation to drive economic growth and development.

Finance Task Force: The Finance Task Force focuses on financial matters that impact the Asia-Pacific region. It addresses issues such as financial stability, access to finance, and infrastructure financing to ensure a conducive financial environment for businesses and sustainable economic growth.

Inclusion Task Force: ABAC is committed to promoting inclusive growth that benefits all segments of society. The Inclusion Task Force works towards reducing inequalities, promoting gender equality, empowering marginalized groups, and fostering social inclusion within the region's economies.

Through these priority areas, ABAC aims to provide valuable insights and recommendations to APEC leaders, contributing to the economic development, prosperity, and sustainability of the Asia-Pacific region.