MAJOR ASIA-PACIFIC BUSINESS MEETING OPENS
Chilean President to give keynote address Policy statements approved

Santiago, May 25, 1998 – Chilean President Eduardo Frei Ruiz Tagle is to deliver the keynote address at the opening plenary session today of the 31st International General Meeting (IGM) of the Pacific Basin Economic Council (PBEC). The annual conference, which runs to May 27, is bringing together more than 500 senior business executives and government officials from throughout Asia, the Pacific and the Americas. The theme of this year’s IGM is “Pacific Prosperity: Sustaining Momentum into the 21st Century.” PBEC is an association of senior business leaders representing more than 1,200 major corporations in 20 economies around the Pacific. The PBEC International Secretariat is based in Honolulu, Hawaii.

“The IGM is an opportunity for the Pacific region’s foremost executives to gather with other international leaders to discuss, in a frank and intimate setting, the key issues in the regional economy, and to publicly issue policy recommendations and statements,” said PBEC Chairman Gary L. Tooker, chairman of Motorola Inc. In addition to President Frei, other prominent participants at the conference include the vice presidents of Argentina, Ecuador and Peru, as well as U.S. Defense Secretary William Cohen and Yoshihide Munekuni, the chairman of Japanese automotive giant Honda. “Given the recent financial difficulties in East Asia, this year’s IGM promises to be especially topical,” says Robert G. Lees, PBEC Secretary General. Later this evening, at the opening gala dinner, PBEC will be presenting its first Business Excellence Award to Akio Morita, co-founder of Sony. The award recognizes Morita’s global vision and his outstanding accomplishments in business and in fostering international cooperation.

Over the weekend, the PBEC Board of Directors approved a number of policy measures, including statements and resolutions on: Corruption, Financial Services, Electronic Commerce, Information Technology, Telecommunications, Foreign Direct Investment, and APEC Early Voluntary Sectoral Liberalization. These statements all reaffirmed the importance of open trade and investment regimes in fostering prosperity throughout the region.

PBEC member corporations account for more than US$4.25 trillion in global sales and employ more than 10.9 million people. The unprecedented scope of PBEC’s membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. Last year in Manila, PBEC celebrated its 30th anniversary, making it the Asia-Pacific’s most senior regional trade organization. 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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