CACCI Conference concluded

The 18th conference of Confederation of Asia-Pacific Chambers of Commerce & Industry (CACCI) recently concluded in Ho Chi Minh city of Vietnam.

A regional organization of national chambers of commerce and industry, discussed appropriate and effective policy framework that would encourage the development of both physical and social infrastructure required for sustainable economic development. The conference was attended by representatives of the national chambers of commerce and industry from 20 countries, including Australia, Brunel Darussalam, Cambodia, Hong Kong, India,, Indonesia, Japan, Korea, Malaysia, Mongolia, Nepal, New Zealand, Papua New Guinea, the Philippines, Russia, Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam.

The Federation of Nepalese Chambers of Commerce & Industry (FNCCI) participated at the conference. FNCCI is a member of CACCI.

The conference called on the business sector to play the leading role in developing electronic commerce and urged government to facilitate its development by providing minimalist, consistent, predictable and transparent legal and regulatory regimes; protecting the interest of consumers, the rights of individuals and intellectual property; and, where appropriate, providing the necessary infrastructure.

Inaugurated by Nguyen Tan Dung. First Deputy Prime Minister of Vietnam, this year's gathering featured a Conference focusing on the theme "Infrastructure for Sustainable Development". Experts from different fields spoke on various aspects of the theme, particularly on appropriate and effective policy framework that would encourage the development of both physical and social infrastructure required for sustainable economic development.

The CACCI delegates agreed that energy particularly clean energy is a key component in the infrastructure requirement of Asia for sustainable economic growth and development.

CACCI also underscored the need to improve efficiency in the supply delivery and use of energy, stressing the importance of the sharing of information and experience in achieving energy efficiency, and developing indicators and databases that will enable the measurement of performance over time. Attention should also be given to information sharing on exploration and development technologies As regards energy standards, there is a need to prevent the proliferation of multiple testing procedures.

As regards agriculture, CACCI recognized that many countries in the region continue to depend on the production of agricultural commodities as one of the main sources of income employment, and export earnings. While the process of industrialization in developing Asia has diminished the degree of relative dependence of agriculture, agricultural development nevertheless remains an important component in the overall development strategy.

CACCI realized that maintaining current levels of agricultural self sufficiency and improving food security remain the strategic goal of most countries in the Asia Pacific region in the foreseeable future. Strategies to meet these challenges will require continued efforts to promote agricultural development.

With regard to information technology (IT), CACCI recognized that IT is a fundamental force that is rapidly revolutionizing the economic landscape today. Advances in IT are changing the way business is being done in all industries, as demonstrated by trends in such sectors as retail trade manufacturing and the knowledge industries.

CACCI emphasized that while new technologies are opening up vast opportunities, it also posing numerous challenges. The rapid advance in IT has created frustration and disappointment for those left behind in the so called digital divide. This is especially true for the poor countries who do not have the wherewithal to mount an educational system geared to make beneficial use of IT.

In line with its efforts to provide additional services to its members, CACCI explored the possibility of playing a role in regional commercial arbitration.

CACCI encouraged its members to participate in the 2nd World Chambers Congress to be held in Seoul, Korea on 6-9 June 2001. co-sponsored by the Korea Chamber of Commerce and Industry (KCCI) and the International Chamber of Commerce (ICC), the Congress aims to provide participants with the opportunity to renew their perceptions on the global economic situation in the new millennium and to find ways to reshape roles and functions of the chambers of commerce to provide better service to their members.

CACCI announced the election of new office bearers for the term 2000-2002, Lee Song Young, Vice Chairman of Korea Chamber of Commerce and Industry and Chairman of the Inchon Chamber of Commerce and Industry was chosen as new CACCI President.

China's foreign trade grew by 33%

China's foreign trade grew by 33 percent in the first 11 months of the year over the same period last year, with trade value reaching 430.9 billion dollars during the period, state press reported recently.

During that time, China maintained a 520 million dollar trade surplus, Xinhua news agency citing customs statistics.

It was the first time that China's trade volume had broken the 400 billion dollar mark in the first 11 months of the year, and the first time that both imports and exports were valued over 200 billion dollars each during the period, the report said.

Exports were up by 30 percent over the same period last year to 227 billion dollars, while imports increased by 37.4 percent to 203.7 billion dollars, it said.

A report issued by the Ministry of Foreign Trade and Economic Cooperation attributed China's trade performance to a growing world economy, strong demand from international markets, and rising prices. meanwhile, domestically, China continues to push forward pro-export policies, the ministry said.

The ministry also noted that although there are favourable factors to boost China's export wroth, unfavorable factors like the uncertainty of world economic growth and growing protectionism in international trade will hinder the continuous growth of China's exports.

Ministry researchers predicted that China's foreign trade will grow eight percent in 2001.

Japan targets 1.7% economic growth

The Japanese government has decided to set its economic target for the next fiscal year at a conservative 1.7 percent reports said recently.

The projection marked the third consecutive year of growth in Japan's economy, which is only slowly emerging from its longest downturn since World War II.

The target for the year starting from April 2001 was modest, slipping from the 1.8 percent growth the government had forecast earlier and falling well below the 2.0 percent growth predicted by Finance Minister Kiichi Miyazawa.

The government has also downgraded an economic target for the current fiscal year ending march 2001 to 1.2 percent from 1.5 percent the Nihon Keizai Shimbun and Yomiuri Shimbun said.

China's WTO energy to fuel HK export

China's expected entry in the World Trade Organisation will boost Hong Kong exports in 2001, the Hong Kong Trade Development Council (TDC) said recently.

A TDC report said total merchandise exports were expected to rise 7.5 percent in value, or 6.5 percent in volume, led by widespread tariff reductions following the mainland's entry into the WTO.

Hong Kong manufacturers would also benefit from an improved investment environment as China is expected to continue amending its foreign trade and investment laws in 2001. it said.

Sustained global demand for electronics would help sustain growth in the electronics industry, Hong Kong's largest foreign exchange earner, the report added.

Singapore economy vulnerable

Singapore's strong economic momentum will continue into the new year but unfavorable external factors threaten the favorable outlook, the US embassy said in a recent report.

The analysis, prepared by the embassy's economic and political section, said external factors could drag down Singapore's growth in 2001 to five percent or less, well down on this year's projected growth of 9.5 percent.

Singapore's trade and industry ministry has forecast growth of 5-7 percent next year.

Three threats facing the city state include a looming slowdown global information technology (IT) and electronics sectors, escalating oil prices and weakening investor confidence in parts of Southeast Asia, the US report said.

IT and electronics account for 43 percent of Singapore's all important manufacturing sector, the key driver of growth so far this year.

But profit warnings from major US technology companies such as Intel Corp and Dell Computer corp have exposed Singapore's dependence on the sector.

Filipino economy grows 4.8%

The Philippine economy grew by a far stronger than expected 4.8 percent on year in the third quarter, but its outlook now hinges on whether a political crisis that has hammered investor confidence can be quickly resolved, officials said recently.

Boosted by unexpectedly strong performances from industry and manufacturing, coupled with robust agricultural production, growth in the third quarter far exceeded market expectations of well under 4 percent. The gross domestic product expanded 4.5 percent on year in the second quarter.