APCAC Business Summit 2018 has wrapped up with new resolve for business engagement between Asia and the United States
The Asia-Pacific Council of American Chambers of Commerce (APCAC) Business Summit 2018 was held on April 4-5, at the Kuala Lumpur Convention Centre. The summit wrapped up with new resolve for business engagement between Asia and the United States, despite recent announcements about new international trade policies and tariffs.
The theme of this year’s summit was Charting a Bold Future: U.S. Businesses in the Asian Century. The Chairman of APCAC, Jackson Cox, said the conference proved vitally important in creating connections and deepening business engagement in what is the fastest growing region of the world. The President of the American Malaysian Chamber of Commerce, Ramzi Toubassy, the host of the 2018 Business Summit, noted that it’s clear that despite current trade tensions between China and the United States, Asia is set to dominate the international economy in a matter of years. “Asia’s share of global GDP is expected to grow from 30 percent in 2016 to more than 50 percent by 2050. As we have said many times, Asia matters to the U.S. and the U.S. matters to Asia – the business and trade relationship is long standing and an incredibly important one,” Toubassy said.
The summit covered a range of issues, including an in-depth look at what the “Asian Century” means, some of the challenges in Asia for U.S. companies, smart cities, the impact of emerging technologies on the global supply chain, energy challenges, cybersecurity, infrastructure, and ASEAN and regional trading frameworks. The summit was attended by 330 representatives from government, leading businesses, diplomatic missions, and academic institutions from more than 12 countries across Asia and from the U.S.
APCAC is an association of 29 American Chambers of Commerce from across the Asia-Pacific region, and represents 15,000 companies and 10 million employees with an estimated 620 billion USD in annual FDI management and more than one trillion USD in annual trade.