CACCI Council Meeting concluded in Ulaanbaatar

The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI), the biggest grouping of the region's business declared at its recently concluded meeting in Ulaanbaatar that strong and effective system of corporate governance are essential for sustained competitive advantage offered by globalization.

Convened in the Mongolian capital on 4-5 June 2002 for its 64th Council Meeting, CACCI took up policy issues of current concern to members.

The two-day meeting, which was hosted by the Mongolian National Chamber of Commerce and Industry (MNCCI), was attended by representatives from the national chambers of commerce and industry of Australia, Bangladesh, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Mongolia, Nepal, New Zealand, the Philippines, Russia, Sri Lanka, Taiwan, and Vietnam. From Nepal Federation of Nepalese Chambers of Commerce & Industry is a member of CACCI.

Inaugurated by Nambariin Enkhbayar, Prime Minister of Mongolia, this year's event also provided CACCI members a forum for an exchange of information on trade and business opportunities in the region. The MNCCI, which is the umbrella group of Mongolia's private sector, conducted a Business Forum on the theme "Strengthening Private and Public Partnership for Economic Development" and organized one-on-one business matching sessions.

The Forum participants agreed on the importance of public-private partnership in effectively exploiting economic opportunities in today's changing environment. They were of the view that such partnership is essential tool that can be used to make private sector-led growth balanced and inclusive so that benefits are shared by all. The Forum also stressed that this partnership has become even more important today, as business expand beyond national borders. It had acquired new meaning as the region moves toward freer trade and investment, with more Asian countries joining the WTO and many already part of regional bodies like APEC and AFTA. The Forum called on the government is to listen to the voice of the private sector and consider the latter's proposals in the policymaking efforts.

The CACCI Council also made a number of important decision with regard to the Confederation's policies and ongoing projects.

The Council also agreed to hold next year's Council Meeting - its Sixty Seventh in Kuala Lumpur, with the National Chamber of Commerce and Industry of Malaysia as host.

China's exports rise 18.4 %

China's exports increased 18.4 percent in May from the same month a year earlier on rapidly growing trade with the United States and most Asian countries, state media said recently. In May, exports reached 24.6 billion dollars, resulting in a trade surplus of $ 2.2 billion, the Xinhua news agency said, Citing customs statistics. China's economy, Asia's second largest after Japan, expanded 7.6 percent in the first three months from the same period last year, sustained mainly by exports.

Japan's economy on even keel

Japan's beleaguered economy appears to be stabilising as exports and production pick up, the central bank said recently, up grading its assessment for the fourth straight month.

"The economy shows signs of stabilising with a distinct increase in exports and a pick-up in production, although domestic private demand remains weak," the Bank of Japan (BOJ) said its report for June.

"Net exports minus imports are increasing due to the recovery in overseas economies and also the effects of restocking abroad, mainly in information technology-related goods."

last month the central bank said the pace of decline in the world's second largest economy had moderated.

The view was less optimistic than that of the government, which said the economy had reached the end of a deep slide.

The central bank was slightly more upbeat in June, saying there were signs higher production was starting to affect other areas of the economy.

IMF upgrades forecasts for Thai economy

The International Monetary Fund said recently it has raised its forecast for Thai economic growth in 2002 to 3.2 percent from a previous prediction of 2.7 percent citing stronger domestic demand.

But there were still uncertainties that could result in the economy growing faster or slower than expected, said Alessandro Zanello, the head of a recent IMF mission which has just completed a scheduled review of the country's economy with Thai officials.

Zanello said at a new conference negative risks to the country's economic growth, measured in terms of gross domestic product, include a high level of public debt. At the end of 2001, Thailand's public sector debt stood at 57.4 percent of GDP and is expected to exceed 60 percent by the end of year. The government expect the public debt to peak at 65 percent of GDP next year above its target of 60 percent.

South Korea's industrial output increases by 7.3%

South Korea's industrial output jumped 7.3 percent in April from a year earlier after a 4.4 percent rise in March, underlining the rapid recovery in the economy, officials said recently.

"April data showed that production, consumption and investment are maintaining their upturned on underlying expectations of an economic recovery," the National Statistical Office (NSO) said in a statement.

Analysts said industrial output would grow further in May, propelled by stronger exports, "May output data will be stronger again as companies will have to produce more to meet increasing demand overseas," LG Investment and Securities economist Jun Min-Kyoo said.