APEC Business Leaders Call for Collective Leadership and Decisive Actions

The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) met for its fourth meeting of 2022 (ABAC IV) from 14 to 16 November in Bangkok, Thailand, to take stock of the work done in 2022 and deliberate on the workplan for 2023. The Council consists of business leaders from 21 Asia-Pacific Economies, and is the advisory body mandated by Leaders of APEC Economies to provide private sector recommendations on regional cooperation[1].

ABAC Singapore Members, Mr Lam Yi Young, CEO of Singapore Business Federation (SBF), Ms Elaine Lam, Executive Vice President, Head of Global Corporate Banking, OCBC Bank, and Mr Wong Wai Meng, Chairman of SGTech, represented the Singapore business community at ABAC IV.

 At ABAC IV, ABAC concluded its work programme for the year and reiterated the need for collective leadership and decisive actions to accelerate economic recovery and growth. Detailed recommendations and ABAC’s official press release on the meeting can be accessed here

At the ABAC Dialogue with Leaders held this afternoon, ABAC Members engaged APEC Leaders, including Singapore Prime Minister Lee Hsien Loong, in discussions on the key topics of enabling sustained economic recovery, deepening regional economic integration, advancing sustainable development, and promoting digitalisation and inclusion. 

The ABAC Singapore Members also met with Minister for Trade and Industry Gan Kim Yong in Bangkok on Tuesday and shared with Minister Gan about Singapore’s work at ABAC and how they have been advocating for the interest of Singapore businesses. The ABAC Singapore Members also exchanged views with 2 Minister Gan on challenges and opportunities in sustainability, financing and digitalisation.

Mr Lam, who chaired ABAC’s Regional Economic Integration Working Group in 2022 said, “The uncertainty of the global economic outlook makes it even more important for the region to work closely together for a sustained recovery and to accelerate sustainable and resilient economic growth. Key recommendations from ABAC on this front includes supporting a stronger and more relevant World Trade Organization (WTO) and accelerating the journey towards the Free Trade Area of the Asia-Pacific (FTAAP).”

ABAC Singapore looks forward to supporting the United States in their APEC and ABAC chairmanship in 2023. The theme for ABAC 2023 was unveiled as “Equity, Sustainability, Opportunity”. SBF will continue to represent the Singapore business community on various international forums and platforms, and advocate strongly for the interest of our businesses. Businesses which are interested to contribute to our international advocacy efforts can contact us at [email protected].



[1] Mr Lam Yi Young also serves as the Chair of the ABAC Regional Economic Integration Working Group (REIWG), while Mr Wong Wai Meng serves as Co-Chair of the ABAC Digital Working Group.

Friday, 18 November 2022