PACIFIC BASIN ECONOMIC COUNCIL
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Supplements & Quick Reference: · Main Page · Overview · Confirmed Speakers · Available Speeches · Photos · Media Information · Sponsorships   Visit the Official Site: www.pbec2002.com Striving for Growth in a Challenging Environment PBEC 35th International General Meeting Kuala Lumpur, Malaysia May 3-7, 2002 S.R. Cho PBEC Chairman May 7, 2002 My dear PBEC Colleagues, distinguished guests, ladies and gentlemen, the Board of directors graciously elected me as the new chairman of PBEC on its meeting last Sunday. While I am deeply honored and grateful for the confidence shown in me, I believe my election is in recognition of the contribution made by the members of the Korean Member Committee. I am awed by the responsibility that goes with the office of PBEC chairman. In its 35th year, PBEC has a long history of distinguished accomplishments which we are rightfully proud of. On many issues of grave concern such as the environment and challenges of cultural and economic divides, PBEC has been a leader. It is my intention to carry on the work my illustrious predecessors have so ably undertaken. PBEC is confronting mounting challenges. When PBEC was founded in 1967, it was the only organization representing businesses of the Pacific Basin. Today there are many organizations with overlapping objectives and similar activities. The unique structure of PBEC with its member committees was an efficient one as long as all the constituent committees were effective. Over the years, however, this has changed. Since the Asian financial crisis of 1997, all our member economies and constituent companies have undergone pressure on how they expend their time and resources. These factors together took much of the wind out of the sails of PBEC. Clearly we lost some of our earlier exuberance. While many forecasts are now projecting resumption of growth, the more fundamental challenges to PBEC remain. Other organizations vie for the attention and resources of our members. The competitive pressure of the globalized market continues to mount. Some of our member committees are not able to maintain their members, let alone grow. And we have some member committees that are virtually dormant. The question then arises, why PBEC? PBEC was founded to promote better environment for business and to promote the welfare of our members. Since its inception in 1967, PBEC has sought to promote environmentally responsible economic growth, and free and open trade. But the salient question we need to ask is 'what is the role that PBEC alone can fill or is better suited to fill than any other organization?' PBEC is unique in that it is a purely private council of businesses. Other institutions, under governmental auspices either in part or in whole, may be better funded, but they cannot represent the private initiative. They lack the inherent strength that exclusively belongs to private initiative. Today the destiny of mankind is increasingly driven not by governments or any other institutions, but by private business initiatives. PBEC is the only institution with the authoritative voice of private businesses of twenty economies in the region. This is a unique value and an important resource not only for ourselves but also for the community at large that we must protect and nurture. As an arena for businesses to expand their opportunities, there is no better vehicle than a private council of businesses free of external influence. In this regard we have not even begun to tap the potential, but the opportunities are there for us to capture and exploit. Thus, I affirm to you my unflinching faith in the cause of PBEC, my unwavering commitment to ensure that PBEC's voice is heard more loudly than ever before. The stark reality of the current state at PBEC, however, is not as glowing as its mission would indicate. Although the world has changed immeasurably since the founding of PBEC in 1967, we must acknowledge that PBEC has remained virtually unchanged. This is truly remarkable; given the fact that none of our companies could have survived, if we were still doing business today in the same way we did business in 1967. This lack of adaptability and evolution on the part of PBEC has undoubtedly contributed significantly to the dire straits we find ourselves in today. A broad consensus has emerged during the course of our deliberations here in Kuala Lumpur that business as usual is no longer an option for PBEC. I am very pleased to announce that the PBEC Board of Directors has approved and established an Implementation Committee to restructure PBEC which, if successfully completed, I believe will ensure that the next 35 years of PBEC are even more successful than our first 35 years. I would like to congratulate the board for its vision in taking this much needed step. In effect, I believe that PBEC has taken the first step to re-find itself. If the work of the Implementation Committee is successfully completed, PBEC will become a much more focused and elite organization. We will become a less bureaucratic and more dynamic organization. It will form a platform of influence. The new revitalized PBEC will ask much more of its members - we will ask you to take ownership in the organization and to invest yourself in the success of PBEC. Ultimately the strength of PBEC will be derived from the value it offers to the members and so we must enhance the value PBEC offers. Our policy voice will be sharpened and amplified. We will speak out more forcefully and more timely on important issues of our time. Our pronouncement will be recognized throughout the world as the true voice of business in the Pacific. Change is never easy. The old format of PBEC served us very well for many, many years. But time has changed and so must we. I believe it is in the spirit of our founders, that we take this bold step today, to ensure our future relevance and our continued viability. As an incoming chairman, the one promise I will make is this: I will do my best to get PBEC moving FORWARD. We must make our effort a worthy endeavor or not at all. It's time for a fundamental change of direction. With a new beginning, we must start moving PBEC toward the grandeur it rightly should have. I will dedicate myself to that goal and I ask for your selfless support. I am firmly convinced that you all want it, and with your help I think we can do it. Before I close my remarks, I would like thank our international officers whose terms end today or ended a short while ago by resignations; Chairman Kosaku Inaba, Chairman Emeritus Helmut Sohmen, Vice Chairman Javier Prieto, and former Treasurer Ken Matchett. Each of them made enormous personal sacrifices and contributions to PBEC. I have always enjoyed working with them. Finally, I would like to add my sincere thanks to all those who worked so hard to make this IGM such a success. But above all I thank our registered guests whose presence here and whose support for PBEC is where the strength of PBEC comes from. I hope all of you will come to Seoul next year bringing more of your friends along the way. Our success of Seoul IGM is critically important for the continued success of PBEC. Thank you.