PBEC OFFERS VIEWS ON ASIAN FINANCIAL CRISIS Santiago, May 26, 1998 - As the leading business executives from throughout the Asia-Pacific region begin to gather in Santiago, Chile, for the annual meeting of the Pacific Basin Economic Council (PBEC), the Chairman of that organization has expressed confidence in Asia and has outlined three broad principles — open trade and investment regimes, transparency, and leadership from all the most developed economies — that should be applied to all economies of the region. Motorola Chairman Gary L. Tooker, Chairman of PBEC, an association of senior business leaders representing more than 1,100 major corporations in 20 economies around the Pacific, said today: "As PBEC leaders gathered at their Mid-Term Meeting in Canada last November, the full ramifications of the financial difficulties now gripping the far east region were just beginning to become apparent. At that time, PBEC called upon regional leaders to take the lead in defining and implementing the necessary actions to restore business confidence. But PBEC also expressed confidence in the medium to long term growth prospects for the region, provided timely and meaningful actions were taken. Several economies have already taken corrective actions. As we gather this week 6 months later in Chile, we strongly reaffirm the view we articulated in Canada. While some short-term business adjustments have been necessary, the long-term commitment of PBEC companies to trade and investment in the region has not wavered, nor has PBEC’s commitment to its ongoing agenda for regional prosperity through the liberalization of trade and investment regimes. Asia is not a monolith. Circumstances vary widely from economy to economy, and no single remedy will apply across the board. Policies and practices, both those adopted by individual economies and those originating from international organizations, must be adapted to the particular circumstances of a given economy. Nonetheless, a small number of broad principles, guiding the development of the appropriate practices and policies, can be applied to all the economies of the region:
Neither governments nor the business community alone can solve the current problems. They need to work together. As the voice of business in the Pacific, PBEC will play a leadership role in advising governments on the appropriate policies and practices, both acting collectively and as individual member committees. But PBEC member companies acting individually also undertake responsibility for co conducting their own corporate affairs in a manner which reflects these principles, thereby strengthening the underlying stability and long term prosperity of the region." Contact: |