The 36th International General Meeting (IGM) of the Pacific Basin Economic Council (PBEC), which was postponed from May to August, with SARS being the culprit, was finally held in Seoul, Korea, on August 22-26. The theme of the meeting was, "Managing Uncertainties: Challenges and Opportunities for Corporate Leadership."

Although the program had been changed, and the guest list modified, the practical and profitable spirit of the meeting remained the same. Some 500 delegates from the 20 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.

Among the delegates was PBEC Hong Kong Chairman David Eldon, who led a 10-member delegation from Hong Kong to Seoul. Moreover, members of PBEC Hong Kong were given a special opportunity to network with their counterparts from the United States during an intimate breakfast meeting. At this meeting, Mr Eldon updated attendees on the situation of Hong Kong, while Dr Eden Woon, Director General of PBEC Hong Kong, highlighted opportunities for U.S. firms in view of the Closer Economic Partnership Arrangement (CEPA).

As at other IGMs, an impressive number of regional leaders took an active role in the event. Among them were South Korea President Roh Moo-hyun and Thai Prime Minister Thaksin Shinawatra.

At the opening ceremony, President Roh stressed that his government would improve on Korea's weaknesses, such as the problems in labour-management relations, corporate transparency and the insecurity caused by North Korea. "From business accounting and corporate governance to the market order and financial system, everything that does not measure up to global standards will be reformed," he said.

Meanwhile, in his keynote address, Thai Prime Minister Thaksin Shinawatra urged corporations and governments to become more proactive so that they could adapt faster to changes. "This is one of the ways to manage challenges," which was the main theme of the 36th IGM, he said.

Other key items put on the annual conference agenda include China's economic rise, the North Korea issue, the world political outlook after the Iraq War, as well as market trends, managing uncertainties and financial services.

The presentation of the fifth annual PBEC Environmental Award remained as a focal point of the meeting. Sony Korea, a Korean unit of the Japanese electronics giant, won the Gold award, while the Silver Award went to China Steel Corp. and the Bronze Award went to South Korea's Taegu City Gas.

PBEC's next IGM will be held in Beijing, China, in June 2004.