Rebuilding the Global Economy: Crisis and Opportunity - Lead the Change
Forward by Chong Siak Ching, Chair, Organising Committee, APEC CEO Summit 2009 and President & CEO, Ascendas Pte Ltd
On behalf of the Organising Committee, I would like to extend my heartfelt thanks to all delegates of the APEC CEO Summit 2009 in Singapore.
The CEO Summit was planned to provide a highly interactive and impactful programme for leaders from among the world‟s most dynamic economies to dialogue and network with top business decision-makers and thought leaders. We had the privilege of hosting an impressive lineup of 14 APEC Heads of Governments and over 1,400 participants from 34 countries. I hope that the CEO Summit has provided you with a memorable experience and actionable thoughts to respond to the collective challenges facing the global economy.
This report has been crafted to condense and communicate the thoughts and perspectives shared by the various Speakers at the CEO Summit sessions. Our intellectual partner, the Singapore Institute of International Affairs (SIIA), has prepared an executive summary of the CEO Summit, background research on the Asia-Pacific economy and APEC, as well as summaries from each of the 18 sessions.
The numerous Leaders who addressed us came out reassuringly with a very firm commitment to keep trade flowing and to continue with the liberalisation process. These insights and many more are put forth in the following report.
I hope you will find the report a useful reference.
As leaders, it is our responsibility to Lead the Change!
Chong Siak Ching (Ms)
Chair, APEC CEo Summit 2009
President & CEO, Ascendas Pte Ltd
Forward by Simon Tay, Chairman, Singapore Institute of International Affairs
Businesses cut costs, and policymakers scrambled to stave off the downturn, fearing the worst. Now, global meltdown has been averted and some economies are showing signs of recovery. Asia is leading the way. But questions remain about how best to sustain the recovery, unwind the unprecedented measures that governments and companies have taken in response to the crisis, and rebalance the economies. There are implications not only for growth, investment and trade but also for geopolitics.
At APEC 2009, leaders of the 21 APEC member economies did more than discuss their strategies for such problems amongst themselves behind closed doors. They also shared their views with
experts and members of the business community at the APEC CEO Summit 2009. This 2-day event saw record participation by APEC Leaders, experts, and CEOs- over 22 sessions on a broad range of themes. These discussions were focused not only on APEC‟s traditional foci of open trade and free markets but also on issues such as global governance, regional integration, and climate change.
Speakers presented a wealth of insight, and the Singapore Institute of International Affairs (SIIA) was proud to serve as the Intellectual Partner of the APEC CEO Summit 2009. We are pleased to present those insights in concise, clear form in the APEC CEO Summit 2009 Special Report. We hope it is of interest and of use not only to the participants but also to a wider audience interested in the region.
This Special Report on the APEC CEO Summit 2009 contains an executive summary of the speeches and panels, a background paper on “The Asia Pacific Economy and the APEC CEO Summit,” and finally, dialogue summaries for each of the 22 sessions.
From this, I believe the key points for Asia-Pacific leaders and businesses to watch in 2010 are:
1) The defence and promotion of more open and freer markets,
2) The urgent need to find new sources of demand to rebalance and drive the global economy, as well as the need to unwind emergency measures taken in response to the crisis,
3) The growing effort to address climate change without undermining economic growth, and
4) The economic and geo-political rebalancing between the USA and Asia, and amongst Asians themselves.
With the global economy heading into uncharted territory, much remains uncertain. The value of insight is at a premium – insights such as the ones put forward at this year‟s APEC CEO Summit. It is in this context that this Special Report is offered.
Singapore Institute of International Affairs