ESCAP business forum focuses on forming better regional links

Thursday, 27 November 2014 00:00 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage The Asia Pacific Business Forum 2014 focused on ‘Enhancing Regional Business Sustainability and Investment’ and highlighted the approaches to achieve sustainable development goals through regional connectivity, when it took place yesterday in Colombo. Experts from various fields expressed their ideas on strong SAARC and ASEAN economic linkage, private and public sector partnerships for sustainable development, risk management in Asia-Pacific, attracting international investments in Sri Lanka and other key areas to achieve sustainable development goals.

The first session of the forum emphasised enhancing transport links among SAARC and Asia-Pacific nations especially in air connectivity to get better trade benefits. Panellists said regional trade could also link through the global value chain. The sessions also highlighted the importance of the SME sector in developing the Asia- Pacific region and revealed that Sri Lanka possessed a good atmosphere for investment in rural SME sectors however the Government needed to better identify the needs of investors.

Those at the forum also highlighted how enhancing skills and human resources in rural segments within Asia-Pacific would attract more investors to the region. Despite showing weaknesses in 2013, Asia-Pacific became the largest trading area in the world, accounting for around 37% of world trade. The sharp collapse in world trade in 2008 and 2009 showed the need to reduce dependence on external sources of demand. It emphasised the need to improve connectivity and trade policies.

The forum also revealed that as much as 85% of deaths and 38% of global economic losses due to disasters originated in the region from 1980 to 2009. Between 2000 and 2005 the resource intensity of its economy increased in contrast to trends across the rest of the world. Resource-intensive growth patterns have exacerbated the vulnerability of the region to resource price volatility while negatively affecting its ecological sustainability. The panellists pointed out climate change, extreme poverty, food security and food crises are major issues the region will face by 2025. They asserted that resource management and cooperation between companies are the primary ways to address these issues.