In this latest annual report brought to you by the (PBEC) – Pacific Basin Economic Council, we examine the current equilibrium between strategic & voluntary initiatives at companies in Asia Pacific and compliance efforts in disclosing such emissions. The report assesses the progress and challenges faced by businesses as they strive to meet net zero targets in the coming years. This report provides an analytical overview of the scope 3 emissions reporting landscape in the region, providing insights into one of the defining corporate themes of our time, and a look at how companies in Asia Pacific are responding.
A perspective from the Pacific Basin Economic Council (PBEC) on the potential benefits for Hong Kong businesses in joining the Regional Comprehensive Economic Partnership (RCEP) trade area should its current application be finally approved: The Pacific Basin Economic Council views Hong Kong’s application to join RCEP as a positive development that could deliver significant economic benefits for Hong Kong businesses. As an export-oriented economy with deep trade linkages across the Asia-Pacific region, Hong Kong’s membership in RCEP makes strategic sense….
An impressive 35th Gala Anniversary Dinner was hosted by GS1 HK – many congratulations to PBEC’s BoD and GS1 CEO Anna Lin and her wonderful team. A very impressive turnout and PBEC members were excited to reconnect with so many peers and friends and collaborate on mutual beneficial areas of interest including our upcoming report. It was a great opportunity to engage with Financial Secretary Paul Chan of HKSAR Government amongst others included Tencent, Cyberport, DF Group, DHL etc…..
PBEC is known for connecting business leaders with the political elite and politicians in the region past and present. We held a lunch in Bangkok in March inviting the former Thai PM given the elections in the country and he shared his thoughts on Thailand’s new administrations priorities.
Several PBEC members and our Chairman were in attendance at a wonderfully hosted Spring Networking ICAEW event in HK at the British Consulate. It was great to see Chairman Andrew Weir saying a few words together with PBEC’s ICAEW Mary Simpson Director of Int’l Member Engagement – APAC & PBEC BoD Peter Burnett supporting this timely catch-up with Government representatives and friends.
Singapore will implement mandatory climate-related reporting requirements for listed and large non-listed companies, with obligations for some to begin disclosing in line with the IFRS’ International Sustainability Standards Board (ISSB) standards starting as early as 2025. The new rules were announced today in the Parliament of Singapore by Second Minister for Finance Chee Hong Tat, with details of the new mandatory reporting requirements subsequently released by Singapore’s business reporting, accounting and corporate services and markets regulators the Accounting and Corporate…
APEC member economies are considering innovative and improved approaches to revitalize the Free-Trade Area of the Asia-Pacific (FTAAP) as a major instrument to further APEC’s regional economic integration agenda. The FTAAP was envisioned by APEC Leaders in 2006 as a comprehensive free trade agreement built on regional undertakings. It was originally proposed by the APEC Business Advisory Council (ABAC) 20 years ago. As host of APEC 2024, Peru is taking the lead to advance this agenda through a series of dialogues in…
The APEC Peru 2024 priorities website, for its host year under the theme “Empower. Include. Grow”. You can now visit their website to learn more about the following #APECPeru2024 priorities: 1) Trade and investment for inclusive and interconnected growth. 2) Innovation and digitalization to promote the transition to the formal and global economy. 3) Sustainable growth for resilient development. Click here: https://www.apec.org/2024-peru-priorities
We have seen some encouraging end of 2023 results coming through these past week from Asian economies like Vietnam, Philippines and South Korea in particular export data, but whilst there is optimism for 2024 amongst economists for certain ASEAN economies including Thailand, Indonesia, Malaysia & India. It can’t hide the fact overall there is still alot of risks around and a real lack of support for SME’s still suffering to adapt to the lack of demand and price sensitive consumers….
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Several senior PBEC members & board of directors attended fellow Corporate Member ICAEW Annual Gala Dinner at the Grand Hyatt in Hong Kong on the 24th October. Over 260 senior executives, founders, CFO & CEO’s were in attendance co-hosted by Sir David Li Executive Chairman at Bank of East Asia & Alan Vallance the new CEO of ICAEW founded in 1880. Our own PBEC Chairman Andrew Weir MBE, BBS, JP who is a council member of ICAEW spoke at the…
New partnership is with Taiwan-headquartered Eos Rhea Metis (“ERM”), a network of experts specialising in enterprise and engineering risk management. By leveraging ERM’s extensive network across Mainland China, Hong Kong, Taiwan, and Southeast Asia, the partnership will provide QBE and its customers with complementary expert insights and specialised knowledge in support of engineering and property underwriting, enhanced risk assessment processes and wider market access. Read full PR here: https://enmobile.prnasia.com/releases/apac/qbe-announces-strategic-partnership-to-bolster-its-risk-engineering-capabilities-in-greater-china-465669.shtml
“PBEC wishes to express heartfelt congratulations to @Andrew Weir our Chairman as we recognise his career at KPMG upon his retirement from 32 years of service. Throughout his career, Andrew has held pivotal roles, including Regional Senior Partner of Hong Kong and Global Head of Real Estate and Asset Management. His leadership has continued to enhance PBEC’s profile, notably through his extensive professional experience servicing boards and audit committees of listed companies, financial services, public bodies and family offices in…
Two of our leading subject matter experts in ESG and Vietnam’ latest economic developments caught up with each other in HCMC. It was the first time they had met face to face since being speakers together on the PWC ESG Readiness talk in 2022. Great to see PBEC family members taking time to meet with one another. Great Photo.
Aboitiz InfraCapital—the infrastructure arm of the Aboitiz family’s Aboitiz Equity Venture has won a contract to upgrade and operate an international airport in southern Philippines. The company will spend 12.8 billion pesos ($226 million) to upgrade the Laguindingan Airport in Misamis Oriental, a province on the southern island of Mindanao. The 30-year contract to operate the airport is expected to be signed with the government by the end of this month, it said. Laguindingan International Airport artist impression image by…
Hong Kong – 2nd September 2024 : – The Pacific Basin Economic Council is pleased to announce the appointment of Anthony Chan, CEO of Isola Capital to its board of directors, with immediate effect. “I have had the privilege of getting to know Anthony over the past 3 years and witnessed at first-hand his passion and generosity for engaging his clients and fellow PBEC members. He has been an active participant at our roundtable dialogues and public events as an…
Dr. Morgan Carroll resides in Hanoi, Vietnam and recently stepped down as the Director of Environmental, Social, & Governance (ESG) at Vingroup and VinFast. He was responsible for developing and implementing global ESG strategies in Vingroup and VinFast to enhance the business sustainability culture. He is originally from South Africa and resides in Vietnam. Dr. Morgan has demonstrated proficiency in the complex Environmental Social Governance landscape for multiple MNC’s and sectors which is a key area of focus for the…
Airbus Corporate Jets and Jet Aviation invited PBEC members to visit one of the latest large cabin aircraft available in the shape of the A220CJ, a fabulously designed interior to cater upto 28 passengers in maximum comfort. Ideal for Government delegations and MNC’s in APAC to move around in secure and safe surrounding on your own schedule.
PBEC – Pacific Basin Economic Council is by invitation ONLY a members based institution, that supports connectivity and cross-border regulatory standardisation efforts within APAC for all technological advancements, through dialogue, engagement and collaborative efforts.
PBEC’s focus is to continual attain recognition as the most comprehensive multilateral platform for APAC business leaders to engage with, advocating key trade issues of importance under a fair rules based system, thus promoting cooperation amongst member States to achieve inclusive, sustainable economic and social development in Asia and the Pacific.
Despite the uncertainty about what lies ahead for global trade, there are still reasons for optimism about its resilience and its enduring role as a catalyst for positive change, and these are encapsulated in the current trends that are shaping the landscape.
As 2024 Q2 draws to a close, economies in Asia Pacific are facing what is projected to be a modest slowdown to approximately between 3.5% to 4.2% on average according to the IMF. But this paints over some of the risks within individual economies, such as the deeper property sector, corrections in China and Vietnam which remain important factors in both. This trend reflects macroeconomic factors but also the impact of persistent corruption and un-tethered growth of the last decade in these sectors.
Geopolitical tensions, including the conflicts in Ukraine and the Middle East and security threats to shipping in the Red Sea, have continued to disrupt global supply chains, and shipping/container prices which get passed on to consumers.
ESG factors have become mainstream and are now a top concern for Boards of Directors. Proper ESG implementation can help businesses and regional Government authorities address current social cohesion challenges and seize future opportunities. On this episode of the Value Prop, we are joined by David Ching Heng Hoe, CEO of Ong & Ong Vietnam and a board member of the PBEC, who shares his insights, challenges and opportunities on the real estate sector and major infrastructure developments in the Mekong region, in particular in Vietnam and Laos, including the company’s pioneering work in social housing projects since 2007 which is now firmly on the agenda of regional Governments in SE Asia.
You have the chance to hear Andrews perspectives first-hand on this and the Asian region.
Several senior PBEC members & board of directors attended fellow Corporate Member ICAEW Annual Gala Dinner at the Grand Hyatt in Hong Kong on the 24th October. Over 260 senior executives, founders, CFO & CEO’s were in attendance co-hosted by Sir David Li Executive Chairman at Bank of East Asia & Alan Vallance the new CEO of ICAEW founded in 1880. Our own PBEC Chairman Andrew Weir MBE, BBS, JP who is a council member of ICAEW spoke at the…
Attached is the full transcript of PBEC Michael Walsh opening remarks on Malaysia’s increasing importance to global supply chains within APAC with the development of its advanced industrial base. Partly due to the current Governments business friendly policies, reforms and tax incentives as well as a strong focus on investing in critical infrastructure which appeals to DFI investors. There are opportunities for particular States within Malaysia, one is Johor being well placed geographically next to Singapore and the other Penang for its…
