Making known forum's role in reviving global economy

 

SINGAPORE: A new communications strategy is being worked out to convince the public that the Asia Pacific Economic Cooperation (Apec) meeting is not just a talk shop but an important event that can help get the global economy back on track.

Leaders of Apec, which groups major economies like the US, Japan, China and Russia, will meet in the republic later this week amid the worst global recession since the 1930s.

However, massive doses of government spending and interest rate cuts have helped to prevent economies from sliding deeper into recession. Although there are signs of recovery, economists think it is still fragile.

"They're trying to make it relevant. They're trying to relate it to business," N. Vasudevan, the trade ministry's senior director in charge of Apec, told Malaysian reporters here yesterday.

Vasudevan was leading the Malaysian team for the senior officials' meeting, which started yesterday and will finish today.

One of the main topics of discussion was inclusive growth, or how to narrow the gap between rich and poor, and even between developing and developed nations.

"This involves looking at new growth models, how to take care of vulnerable groups," he said.

Malaysia is already planning to change its economy to one based on high income, from its industrial base of exporters currently.

The global recession has exposed Malaysia as being too dependent on exports for economic growth.

Apec comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the US and Vietnam.