Mr. Gary Tooker Chairman of the Pacific Basin Economic Council

Dear PBEC Members:

I am pleased to extend to you an invitation to attend the 3Ist International General Meeting (IGM) of the Pacific Basin Economic Council in Santiago, Chile, from May 22 - 27, 1998.

The theme of our 3Ist IGM, Pacific Prosperity: Sustaining Momentum into the 2Ist Century could not be more timely. For decades now, the Pacific Basin has been home to the world's fastest growing economies. As many of these economies have grown and matured, and properly taken their seat among the world's economic leaders, a new set of challenges present themselves. How can the region not merely ignite, but also sustain, this impressive prosperity? Recently, there have been enough "bumps in the road" - fluctuations, disruptions, and moderated growth - to remind us that we are in a profoundly new era. Some skeptics have even gone so far as to question whether the 2Ist century will, in reality, be the "Asia-Pacific Century", as had been so widely assumed. One thing is clear. We cannot afford to be complacent about sustaining regional growth. PBEC has been and will continue to be at the forefront of this effort, bringing together the region's business and government leaders, and sounding the clarion call for economic growth through liberalized trade.

It is especially appropriate, therefore, that our 3Ist IGM will be taking place in Santiago, Chile. The last time we visited Chile for an IGM - back in 1983 - the world was just beginning to recognize Chile as a burgeoning regional economic power. Today, Chile is one of the hemisphere's most dynamic economies, and boasts enduring growth rates and strong macroeconomic fundamentals which most countries of the world could only dream of. The story of Chile's impressive ascent - based on free markets and free trade will serve as a fitting inspiration as we explore issues related to sustaining growth throughout the Pacific Basin. With Chile and many of its neighbors leading the way, I know that Latin America will play an increasingly important role in sustaining the Asia-Pacific region's prosperity well into the 2Ist century and beyond.

I look forward to seeing you in Santiago.