The Pacific Basin Economic Council held its 35th International General Meeting in Kuala Lumpur, Malaysia, from May 3 to 7, under the banner, "Striving for Growth in a Challenging Environment."

Delegates from the 19 economies of the Asia-Pacific region attended the meeting and participated in a series of plenary sessions and roundtable discussions with the region's top government and business leaders.

PBEC Hong Kong Chairman David Eldon led a 13-member delegation from Hong Kong to Kuala Lumpur, members of which were given a special opportunity to network with their counterparts from the United States and China during an intimate breakfast meeting hosted by PBEC US.

Sixteen regional ministers participated in this year's IGM, 13 of whom shared their observations as speakers during a number of sessions. Among them were Prime Minister of Malaysia Dr Mahathir Mohamad, and the President of the Philippines Gloria Macapagal Arroyo, who both shared their perspectives on the region.

At the opening ceremony, Dr Mahathir singled out rebuilding investor and customer confidence in the current uncertain environment as the biggest challenge for the business world.

"As we work towards rebuilding investor and customer confidence, we must learn to reinvent ourselves in the face of uncertainty or change ... I hope that you will allow yourself the freedom from the constraints of orthodoxy to find ways of achieving growth in these challenging times," he said.

Other important issues discussed at the IGM included: China and the WTO, ASEAN and AFTA, APEC, partnering with China, the war on terrorism, financial markets, environment, corporate governance, fostering FDI, bridging the divides, and rebuilding confidence in the Pacific Basin.

A focal point of the meeting was the presentation of the fourth annual PBEC Environmental Award. Hyundai Motor Corporation of Korea took the Gold Award, Japan's Oji Paper Company the Silver, and Korean steel company POSCO the Bronze.

Among the finalists were CLP Power and MTR Corporation of Hong Kong, Ebara Corporation, Fonterra Cooperative Group, NEC Corporation, and United Plantations Berhad.

The PBEC Environmental Award honors PBEC member companies that have made outstanding contributions to global environmental protection. Presentation of the award reflects PBEC's commitment to promoting environmentally responsible business practices.

An important development made during internal meetings was the adoption of a concept paper that will provide a new guideline for PBEC to strengthen its role as the independent voice of business in the Pacific. The paper calls for fundamental changes in the structure and organization of PBEC to increase its relevance, and to make the organization more focused, more amplified, more timely and more influential.

PBEC's Steering Committee and Board of Directors adopted policy statements on a number of key policy areas, including trade and security, food security and trade and a renewed commitment to transparency.

At the Board of Directors Meeting, S R Cho, chairman of Hyosung Corporation, was elected Chairman of PBEC.

PBEC's next IGM will be held in Seoul, South Korea, in May 2003.