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Asian business lobbies discuss supply chain, human capital exchange cooperation

Published: 05 Jul. 2023, 11:01 Updated: 05 Jul. 2023, 13:37

Federation of Korean Industries Acting Chairman Kim Byong-joon delivers welcoming remarks for the 2023 Asian Business Summit held at FKI headquarters in Yeouido, western Seoul, on Wednesday. [YONHAP]

Business associations representing more than a dozen Asian countries gathered in Seoul on Wednesday to discuss ways to boost cooperation in supply chains and reinvigorate people-to-people exchanges, a Korean business lobby said.

The 12th Asia Business Summit, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren), brought together the chiefs of 13 business organizations, including the China Council for the Promotion of International Trade, Taiwan's Chinese National Association of Industry and Commerce and the Confederation of Indian Industry, the FKI said.

Other business associations were from Singapore, Thailand, Indonesia, Myanmar, the Philippines and Malaysia.

Launched in 2010 upon Keidanren's initiative, the Asian Business Summit promotes regional economic integration among Asian nations. It has 16 major business lobbies as members. This year's session marks the first time the event took place in Korea in six years.

Some 30 other businesspeople from the member countries also attended Tuesday's conference.

The participants called for the need to strengthen cooperation in regional supply chains by forming "supply swaps" between countries and building more partnerships for the development of critical minerals, the FKI said.

They also suggested adopting an expedited entry process between countries, such as a temporary designation of no-visa entries for certain cities and tourist destinations in Asia to revitalize people-to-people exchanges.

Also on the table were ways to deepen solidarity for sustainable economic and social developments and cooperation in digital transitions, the FKI said.

Based on the proposals made during the conference, the member associations adopted a joint statement outlining the commitment to implementing the proposals for the co-prosperity of Asia.

Yonhap