Santiago, May 27, 1998 – Wrapping up 5 intensive days of meetings in Santiago, Chile, the Pacific Basin Economic Council (PBEC) today concluded its 31st International General Meeting (IGM) by expressing long term confidence in Asia and calling for a continued regional commitment to open trade and investment regimes. Dr. Helmut Sohmen, Chairman of World-Wide Shipping Agency, Ltd. in Hong Kong, and incoming Chairman of PBEC, said “in a few years’ time, we will probably be able to look back at the crisis and see what it was: a necessary adjustment process that will help the affected economies get stronger, more competitive, and more capable to operate in the global economic environment.”

The PBEC meeting was attended by more than 550 senior business and government leaders from twenty-five economies. PBEC’s IGM is an opportunity for the region’s foremost corporate executives to gather with other regional leaders to discuss the key issues in the regional economy, and to issue policy recommendations and statements. PBEC Chairman Gary L. Tooker, outlined three broad principles – open trade and investment regimes, transparency, and leadership from all the developed economies – that should be applied throughout the region.

Chilean President Eduardo Frei Ruiz-Tagle gave the opening keynote address at the meeting, emphasizing PBEC’s role as one of the key institutions in the region and indicating Chile’s intention to meet APEC’s goals for trade liberalization by the early 2010 deadline, rather than waiting until 2020. The IGM also included addresses by the Vice Presidents of Ecuador, Peru, and Argentina. U.S. Defense Secretary Cohen, in his address to PBEC, stressed the strong linkage between freedom and free markets. Another highlight of the meeting was the presentation of the first PBEC Award for International Business Excellence to Akio Morita, co-founder and former chairman of Sony Corporation, for his business vision and leadership, exemplifying the spirit, values, and aspirations embraced by PBEC over the past three decades. Kosaku Inaba, Chairman of Ishikawajima-Harima Heavy Industries (Japan), was elected Vice Chairman of the organization.

At the meeting, PBEC adopted a number of important policy resolutions and statements, on a variety of issues, including corruption, electronic commerce, APEC Early Voluntary Sectoral Liberalization, foreign direct investment, financial services liberalization, information technology product regulation and telecommunications market liberalization.

PBEC member corporations account for more than $4 trillion in global sales and employ more than 10 million people. The unprecedented scope of PBEC’s membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. PBEC is the voice of business in the Pacific.

Contact:
Stephen Olson
PBEC International Secretariat
900 Fort Street, Suite 1080
Honolulu, Hawaii 96813 USA
Tel. 521-9044 ext. 17
Fax.521-8530
E-mail: steve@pbec.org

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