Business leaders and CEOs will rub shoulders with country presidents and prime ministers at the Singapore APEC meeting in November 2009

A few weeks from now, top business leaders and CEOs visiting Singapore will rub shoulders and share insights with country presidents, prime ministers in the APEC (Asia Pacific Economic Cooperation) economic leaders meeting on November 14 and 15 this year.

These political and business leaders, along with the international media, will make up the 10,000 delegates converging in Singapore for the APEC leaders meeting and its affiliate meetings, stretching from November 9 to 15.

This will be first time Singapore is staging the APEC economic leaders meeting which is holding its 17^th annual session in the island republic. The meeting-  to be hosted by Singapore with a budget of slightly over $100 million - will be opened by Singapore's prime minister Lee Hsien Loong.

Established in 1989 to enhance economic growth and prosperity and forge stronger links in the Asia Pacific region, APEC, with 21 member countries, represents 40.5 per cent.  of the world's population, It accounts for 54.2 per cent of the world's  gross domestic product and 43.7 per cent of world trade.

Since its inception, APEC has achieved some measure of success in slicing tariffs and other trade barriers across the whole region. This has resulted in more efficient domestic economies and dramatic increase of exports.

APEC 2009, according to Ravi Menon, second permanent secretary of Singapore's Ministry of Trade and Industry, will address the issue of how to spread wider economic growth benefits - brought about by globalization - in the Asia-Pacific region

Warning against emerging forms of protectionism, Mr Menon stressed that protectionism is a grave threat APEC must address to ensure that the hard-won benefits of trade and investment liberalisation over the last 20 years are not rolled back.

More than 800 of the world's business leaders will attend the APEC CEO summit (Nov. 12 to 14), to be held alongside the  APEC  economic leaders meeting, which will be attended by heads of states such as President Barrack Obama of the US, President Hu Jintao of China,  President Dmitry Medvedev of Russia and President Susilo Bambang Yudhoyono of  Indonesia. Many of the   political leaders will also attend or  speak at the CEO Summit.

Theme of the APEC CEO Summit is "Rebuilding the Global Economy: Crisis and Opportunity.'' Ms Chong Siak Ching, chairman of the APEC CEO Summit 2009, remarked:" It is without doubt that the APEC economies, which include US, China and Japan, will play a very important role in the global recovery as they contribute 54. l2 per cent of the global GDP. The convergence of thoughts from both public and private sectors in this Summit,will provide companies and   economies with fresh insights and ideas in preparation for the post-crisis world."

Through speeches and panel discussions, the CEO Summit will  examine issues  such as rebuilding the global economy, strengthening corporate governance,  tapping the power of sovereign  funds and  redefining the roles of China and US in the new global economic landscape.

The APEC meeting will open up avenues for business leaders to interact with political leaders, such as presidents, finance and economics ministers, .This will enable company presidents and CEOs to have a better grasp of Government economic polices and how they affect business and the private sector. On the part of Government leaders, they will get a better feel of how the private sector works and the mindset of top company executives .

The APEC meeting presents opportunities and challenges for Singapore. Singapore can use  it as a platform to project the  Republic's international image  as a modern, high-tech Asian country with a  sound economy, a well-developed financial centre and state-of-the-art communication network.

Through this meeting, Singapore, can drum home the message that the island-republic, with its developed business infrastructure, and attractive tax incentives, is a place for foreign and multinational firms to set up shop and run their business with little hassle.

To prove this point, the republic can cite the latest annual  World Bank survey, released in early September this year, revealing that Singapore is "the easiest place to do business.'' Singapore is ranked No. 1 - the fourth straight year - in this survey on "Ease of Doing Business " covering 183 global economies.

This APEC meeting has somewhat, come at a timely moment for Singapore. It will provide the necessary shot-in-the-arm for the Republic's tourism and hospitality industry still licking its wounds from shocks of the global recession.  The meeting, with its thousands of delegates, will help fill up many empty hotel rooms. Also, shops along Singapore's tourist belt will welcome the delegates will open arms.

Keeping a tight rein on security - and ensuring the safety of the 10,000 APEC delegates - will pose a formidable challenge to the Singapore government.  To minimise public disruption, the meetings will be de-centralised, with the APEC economic leaders meeting to be held at the Istana, Singapore's presidential palace. This high-level meeting will be attended by President Obama, other country presidents and prime ministers.

The other meetings, such as the CEO Summit and meetings of top Government officials, will be held at Suntec City Convention Centre.

The Singapore Government has downplayed media reports of a plot to attack the APEC meeting. An analyst from Indonesia's Centre for Intelligence and National Security has   told Reuters, the international news agency that probes into July's Jakarta hotel bombings have uncovered a plot to target the APEC meeting in Singapore.

But Singapore's Second Home Affairs Minister, K. Shanmugam dismissed the media reports as "completely unverified rumours."

Singapore cannot rule out the possibility of attempted protests and demonstrations, particularly by foreign visitors (other than APEC delegates) over the Republic's human rights policies or APEC's policies itself. If such protests do crop up, Singapore's security forces have to handle such a situation with firmness - as well as with finesse.  The APEC meeting in Sydney in 2007 had seen a series of protests against APEC policies

Meeting in Danang, Vietnam in late August key business leaders of the Asia Pacific region agreed it is now time for decisive action to establish a Free Trade Area of the Asia Pacific (FTAAP) owing to the financial crisis and the stalled Doha Round talks of the World Trade Organisation   The APEC Business Advisory Council (ABAC) met in Da Nang to finalize their recommendations to APEC Leaders before their November meeting in Singapore.

Sounding a note of caution over signs of the economic recovery, ABAC members urged Ape leaders to take steps to ensure this recovery is sustained. They believe this could  be done if economies resist protectionism, and  promote global demand rather than merely  domestic  demand. They called upon APEC leaders to seize the opportunity to initiate economic reforms.

When APEC meets in Singapore in mid-November, its leaders will carefully weigh these recommendations and decide how and when to take concrete steps to accomplish the goals laid before them.