The APEC Business Advisory Council (ABAC), the private sector arm of the Asia-Pacific Economic Cooperation forum (APEC), will hold its second meeting of 2001 in Moscow, May 17-19. Earlier, at its meeting in Scottsdale, Arizona in February, ABAC launched its work for the year under the theme: "Promoting Common Development through Capacity Building and Full Participation."

This will be the second ABAC meeting of APEC's China Year, when China will host the meeting of APEC Economic Leaders in Shanghai in October. It will also be the first ABAC meeting held in Russia. During the course of their meeting in Moscow, ABAC members will have the opportunity to meet top leaders of government and business in Russia. In conjunction with the ABAC meeting, there will also be a session for ABAC members detailing investment opportunities in Russia. The social program for ABAC will be capped by a gala dinner (venue to be confirmed).

ABAC comprises up to three senior business representatives from each of APEC's 21 member economies appointed by their respective heads of economy to advise APEC Economic Leaders and Ministers on issues affecting business. The Council is chaired this year by Mr. Qin Xiao, Vice Chairman - China International Trust and Investment Corporation. The Moscow meeting will continue the work begun in Scottsdale to finalize the year's priorities. Five bodies set up within ABAC this year will carry out this work. They consist of task forces on finance, trade and investment, and technology as well as the Action Plan Monitoring Committee and the Small and Medium Enterprises Caucus.

As in past years, ABAC's work will culminate in a report containing recommendations on ways to improve business and investment in the APEC region and to help ensure that all in the region enjoy the benefits of globalization. ABAC members will present ABAC's recommendations to APEC Economic Leaders when they meet in Shanghai, October 20-21.

Press Arrangements and Contacts

Mr. Qin and the Taskforce and Committee Chairs and co-Chairs will hold a press conference to report on the outcomes of the meeting at 12:15 p.m. Saturday, May 19 in the Theatre Room (to be confirmed) at the Renaissance Moscow Hotel, located at 18/I Olympijskij Prospect, Moscow, Russia (Tel: 7-095-931-9000; Fax: 7-095-931-9076). Representatives from print and electronic media outlets are invited to attend. In addition, television cameras will be allowed to film the opening moments of the first ABAC plenary session at 09:00 a.m. on Thursday, May 17 in the Tashkent Room at the Renaissance Moscow Hotel.

ABAC's 2000 Report to APEC Leaders is available on the ABAC and APEC websites: http://abaconline.org and http://www.apecsec.org.sg.

Additional background information about ABAC is already available at that site. To order a bound volume of the ABAC Report, contact Mr. Luz as indicated below.