More investment expected to flow after APEC meeting

Many business interactions that are expected to speed up the flows of investment have taken place during the APEC meetings in Nusa Dua Bali from Oct. 1 to 8, Indonesian ministers said here on Tuesday. More than 1,000 business leaders, most of them CEOs of leading firms from all over the world, have held meetings with about 10 heads of states and academics in the APEC-CEO Summit and the APEC Business Advisory Council (ABAC) meeting. Some business deals, including investment commitments that were needed to be followed up, were made by the participants during the meeting, Indonesian Industry Minister MS Hidayat said. "More than 1,000 CEOs have gathered, there have been many business interactions that have to be followed up," he told a joint press conference. The communication among the CEOs had made them find out broader business opportunity in the world, including in the Asia-Pacific region and Indonesia, Indonesian Trade Minister Gita Wirjawan said. "From ABAC meeting presented by 21 representatives of APEC member economies and more than 1,000 CEOs the agreement is that they will expand investment among their economies and also in Indonesia," he told the joint conference. The hike of investment flows, particularly in the Asia-Pacific region is expected to help spur the economic growth in the region, which may contribute to the recovery of the global economy. "APEC is in the ideal position to help the recovery of the global economy. Therefore, APEC members, through individual and collective measures, must put extra efforts to promote growth," Indonesian President Susilo Bambang Yuhoyhono said on his speech at the APEC-CEO Summit. The IMF has forecast that the Asia-Pacific economy to grow by 6. 3 percent this year and 6.6 percent next year, more than twice the world growth average. APEC economies account for 54 percent of global gross domestic product and 44 percent of global trade now. The World Bank forecast the economies in East Asia to expand at a slower pace this year, but kept leading the global growth at 7.1 percent, a release from the bank said here on Monday. "East Asia-Pacific continues to be the engine driving the global economy, contributing 40 percent of the world's GDP growth, more than other region," Axel van Trotsenburg, World Bank East Asia and Pacific Regional vice president said in the statement. He suggested the developing economies (East Asia) to make structural and policy reform to sustain growth.