Regional trends in global sourcing
As businesses assess their operational capacity needs for a predicted bumpy recovery, to recalibrate during and post-pandemic, it is crucial to understand what brought us to this point and where it is likely leading us.
The Pacific Basin Economic Council (PBEC), Monash University Malaysia and KPMG, together with contributions from PBEC members, are pleased to publish this report on global sourcing, reviewing the most recently announced supply chain and sourcing movements in the region, charting a new course in Asia Pacific.
5The Pacific Basin Economic Council Vision outlined for 2024-2027 ahead of its AGM 2024 – by Michael Walsh CEO PBEC – June 2024 Collaboration as a mission, to create value, innovation and new opportunities for growth through free and open digitally enabled cross border Trade in APAC Hello PBEC members, colleagues and followers. It’s a pleasure to share the latest mission and vision of the Pacific Basin Economic Council (PBEC) for the next three years- an organization that has been…
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
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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.
A PBEC Insight: AI is being implemented in various ways within supply chain management, leading to significant advancements in operational efficiency and decision-making. Here are some examples of how AI is currently being used: Demand Forecasting: AI algorithms analyze historical sales data, market trends, and external factors to generate accurate demand forecasts, enabling organizations to optimize inventory levels, reduce costs, and meet customer demands effectively. Route Optimization: AI-powered systems optimize transportation routes by considering factors like traffic congestion, delivery time…
The year ahead will be pivotal for many board members. During the KPMG INED Forum, PBEC Chair Andrew Weir, KPMG’s Global Chair of Asset Management and Real Estate, outlined 10 critical areas for directors to focus on and better navigate the opportunities ahead. These areas include accelerating digital transformation, leveraging Gen AI and bolstering cyber defences. See attached mini report.
PBEC welcomes our newest member Stephan Kochem from SICA – Swiss Insurance & Capital Advisors – leading specialists in the global reinsurance market with a particular focus on expanding their unique offering to Asian clients and new markets in the renewable energy, O&G & real estate sectors. Learn more about Stephan here: https://www.sica.ag/en/stephan-kochem-en/ – he visited Hong Kong and Manila in April and arranged proposals for some our PBEC members already in the re-insurance coverage for coal-fired power stations in…
Congratulations to PBEC’s Board of Director Peter Burnett who received his OBE in person from Her Royal Highness Princess Anne in Windsor two years on from being bestowed this wonderful award & recognition for all the work he has done. In 2022 Peter was honoured by Her Majesty, Queen Elizabeth in her last New Year’s Honours but due to Covid restrictions the official ceremony was postponed till 2024. PBEC is so very proud of you. Click images to enlarge
“Lots happening this week at ABAC/APEC in San Francisco around resilience of supply chains, sustainability, financial inclusion, digitisation, AI, etc – not to mention that all important meeting between two Presidents. And then there’s Boeing showcasing the first autonomous, battery-powered air taxi called “wisk” in a fetching bright yellow livery which can’t be missed ! The target price point is an Uber fare. I offered to be the first hailing passenger!” said PBEC’s BoD Peter Burnett OBE, BBS, JP
On October 29th 2023 – PBEC’s Sebastian Man hosted a small group of distinguished leaders in HK including PBEC CEO Michael Walsh for a dinner with the Former Consul General of the USA to HK and Macau Kurt Tong. He joined The Asia Group LLC a business advisory firm in 2019 with offices across Asia and HQ in Washington D.C. Kurt Tong is Managing Partner and member of the Executive Committee at The Asia Group, where he leads consulting teams…
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.
Invitation to register for online webinar: On the 3 July 2024 at 10AM UK / 4PM Vietnam/Thailand / 5PM Hong Kong/Malaysia/Singapore & Philippines time, PBEC’s Vina Capital will host its Mid-Year Vietnam Economy & Market Review & Outlook Webinar. PBEC’s Michael Kokalari, Chief Economist, and Linh Vu, Head of Research, will review macroeconomic and stock market performance in H1 2024 and share their outlooks for the remainder of the year. After their remarks, a Q&A session from the audience will…
The Pacific Basin Economic Council is hosting a round table dialogue with experts involved in the Asia-Pacific Economic Cooperation (APEC) forum. We are joined also by The APEC Business Advisory Council (ABAC) members who are appointed by APEC’s 21 member economies to represent business interests in the Asia-Pacific region. The dialogue will feature ABAC representatives from Australia, Hong Kong, and the Philippines, as well as the APEC- Asia Pacific Economic Council Int’l Secretariat Executive Director. PBEC’s Chair, Andrew Weir MBE…
