Thailand’s private sector is getting ready to host Apec Business Advisory Council (ABAC) forums next year now that Thailand has taken over as chair of the Asia-Pacific Economic Cooperation (Apec).

Supant Mongkolsuthree, who chairs the Federation of Thai Industries (FTI), said Apec’s private arm ABAC was responsible for advising economic leaders on operations related to free-trade agreements as well as facilitating trade and investment.

ABAC comprises 61 members from the 21 Apec countries, and Thailand is represented by the FTI, the Thai Chamber of Commerce (TCC) and Thai Bankers Association (TBA).

Supant said ABAC’s work focus on five key aspects:

• Promoting regional economic cooperation

• Utilising 5G technology to prevent cyberattacks

• Paying attention to micro, small and medium enterprises (MSMEs)

• Promoting Bio-Circular-Green (BCG) and Environmental, Social, and Governance (ESG) economic models to reduce carbon emissions

• Developing a Public-Private Partnership (PPP) system

For 2022, he said, ABAC will focus on three key themes:

• Embrace: Getting ready for new opportunities and connections after the global economic slowdown.

• Engage: Gathering ideas and cooperation to set up a new economic direction for the future.

• Enable: Enhancing economic potential to make everything possible.

“We believe Thailand is ready to hold ABAC forums next year, which will allow government and private leaders to share their vision,” he said.

“The forums will also contribute to the tourism industry’s recovery as thousands of leaders from the 21 Apec countries, with large working groups and entourages, will arrive in Thailand to attend meetings,” he said.