SUNDAY, March 03, 2024

‘Winning trust and mutual cooperation key to cope with current challenges’

‘Winning trust and mutual cooperation key to cope with current challenges’

Rebuilding mutual trust is one of the most essential tasks for surviving current challenges and thriving for long-term sustainability, a group of leaders and experts said at the Asia Pacific Economic Cooperation (Apec) CEO Summit.

The unanimous opinion was expressed during an open forum discussion led by Ferdinand Romualdez Marcos Jr, president of the Philippines, Robert E Moritz, global chairman, PricewaterhouseCoopers (PwC), and Klaus Schwab, founder, and chairman of the World Economic Forum (WEF).

They discussed "The Global Economy and the Future of Apec”, which primarily provided the audience with an overview of the current economic situation in the global and Asia-Pacific region, as well as the challenges that exist and how to move forward.

Climate change, supply chain disruption, and food security are the most pressing issues to address, according to the Philippine president, the chairman of PwC, and the WEF chairman.

Although each country prioritises those issues differently depending on its context, finding long-term solutions requires mutual cooperation.

"To get the best trust is to perform what you have said," the leader of the Philippines stated, adding that in the political sphere if a leader wants to build trust, they must demonstrate by doing it.

Moritz advised everyone to pay close attention to what the other person is saying so they can all understand and reduce the chance of misinterpretation.

All of the pressing issues that they raised on stage are already on the agenda of many summits around the world including Apec CEO Summit 2022.

They are also the driving force behind this year's summit concept of finding the right solution to address issues in the short term while also assisting each country in seamlessly transitioning to a more sustainable way with the help of digital technology.

In addition to rebuilding trust, Moritz advises countries to support people's development and improve the country's database.

"The database will not only allow us to make better and faster decisions, but it also will describe and enable the journey on how they will adapt for the future in order to gain public trust," Moritz explained.

The Philippines' president then concluded that the world needed peace and harmony right now. He noted that prosperity cannot exist in the world without peace.

The two-day Apec CEO summit brings together Asia's top business leaders for discussions with Apec economic leaders, policymakers, academics, and CEOs. The summit is being held on November 17-18, at Athenee Hotel in Bangkok.