Binay asks CACCI: focus on challenges

VICE President Jejomar Binay urged members of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) to focus on current economical challenges and opportunities to sustain the region’s competitiveness and stability in the global market.

In the recently concluded CACCI Conference, Binay said Asia Pacific can take advantage of the rapid transfer of economic power from the West to the East.

“The region has to reset economic priorities, emphasizing trade facilitation, export diversification, growth in environmental sustainability and most importantly, deeper regional integration and connectivity,” he said.

He said learning from recovery strategies in the previous years could revitalize growth resources and empower economic integration within the Asian borders.

Binay said Asia should underline the importance of viewing business transactions in a global scale.

To adapt to the evolving global business community, Binay pointed out that the Asian business sector can reinvent manufacturing process through a shift from simple production to complex and sophisticated outputs.

He said inadequate infrastructure remains an ongoing struggle within Asian countries
and the region should have a sense of urgency in addressing this.

He said efficient and reliable infrastructure will serve as a foundation of the region’s competitiveness and Asia should push for solid infrastructure projects, policies and frameworks to create an inter-connected continent.

Binay also raised the need to come up with mutual approaches in managing and exploring environmental resources such as arable lands, forests, oil, gas and mineral resources while minimizing source exploitation.

He emphasized the role of agriculture in achieving food security, sharing the observation of the Food and Agriculture Organization of the United Nations (FAO) that countries that have succeeded in reducing hunger are characterized by a progressive agricultural sector.

Binay recommended a long-term policy plan in identifying potential investments and research opportunities for agricultural production.