▶ Vice Chairman Lee Kyu-ho presided over closing ceremony of 4th ABAC Meeting in Busan
▶ Policy recommendations for 41 action items across 5 ABAC working groups finalized
▶ ABAC gavel handed over to Li Fanrong, Chairman of Sinochem Group of China, as next Chairperson
Kolon Group announced that Vice Chairman Lee Kyu-ho presided over the closing ceremony of the 4th Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) meeting held in Busan on the 28th, finalizing the policy recommendations to be presented to APEC leaders.
The meeting was held at Ananti Cove in Busan, and attended by ABAC members from 21 APEC member economies. Participants agreed that cooperation between economies and businesses must be further expanded to achieve APEC's shared prosperity, aligning with this year's core ABAC theme, ‘Bridge, Business, Beyond’. ABAC also emphasized the necessity of rules-based trade, resilient supply chains, and sustainable innovation – stressing that these must provide stability and opportunity for all.
The policy recommendations, developed via discussions within ABAC's five working groups (WGs), present solutions comprising 41 actionable tasks across diverse fields—including trade and investment, sustainability, artificial intelligence and digital innovation, healthcare, and finance – aimed at building a more resilient, inclusive, and dynamic regional economy.
Anna Curzon, Chair of the Regional Economic Integration Working Group and ABAC New Zealand member, stated, “Our role is to develop solutions to resolve trade frictions and convey them to policymakers,” proposing policy initiatives such as accelerating the substantive realization of the Free Trade Area of the Asia-Pacific (FTAAP).
Janet De Silva, Chair of the AI and Digital Innovation Working Group and ABAC Canada member, shared the outcomes: “During the expert session, TikTok shared how it uses AI to manage platform safety, which can be applied to other areas such as preventing online fraud.” She emphasized the ensuring of equitable access to safe and sustainable digital infrastructure and building responsible and secure AI utilization and governance.
Additionally, with regard to sustainability, policies were proposed including ▲ advancing an ambitious, realistic, and inclusive energy transition and ▲ promoting circular low-carbon supply chains. In finance and economics, policies proposed included ▲ investing $2.5 trillion annually for energy transition, digital infrastructure, and disaster response, and ▲ financing to bridge gaps.
The BioHealthcare Working Group, chaired by Vice Chairman Lee Kyu-ho over the past year, proposed ▲expanding equitable access to healthcare, ▲promoting the utilization of healthcare data, and ▲ utilizing innovative technologies such as genomics and AI to address demographic challenges. Vice Chairman Lee stated, “”Many economies, including Japan, Taiwan, the United States, and Korea, have expressed sustained interest in the APEC healthcare agenda.” He added, “I am confident that under ABAC China’s leadership next year, we will continue to actively participate in policy proposals for healthcare advancement.”
ABAC also released two strategic policy documents: the ‘Smart and Inclusive Healthcare Roadmap,’ a strategic blueprint for innovating healthcare delivery systems in the APEC region, and a report outlining sustainable operational plans for data centers within APEC.
At the closing ceremony, SK Group Chairman Chey Tae-won, attending as Chair of the APEC CEO Summit, expressed gratitude for ABAC's year-long activities, stating, “Today, businesses are not mere stakeholders but core innovators shaping society and the future,” and adding, “When our voices unite on platforms like ABAC, our influence becomes broader and stronger.”
With the APEC Summit scheduled to take place in China next year, a ceremony was also held to pass the gavel to Li Fanrong, Chairman of ABAC China and Chairman of Sinochem, who will assume the role of the next ABAC Chair. Next year's ABAC meetings will consist of four working groups on regional economic integration, sustainability, digital innovation, and connectivity, along with a financial and economic task force. Meetings will be held sequentially in Jakarta, Indonesia; Mexico City; and a further city to be determined at a later
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